SAVE Group Consolidated Financial Statements at 31 December 2013

Bilancio 2012 Save Spa

Contents

7 Chairman’s letter 9 SAVE S.p.A. Ownership Structure 9 SAVE S.p.A. Board of Directors 10 SAVE S.p.A. Board of Statutory Auditors 14 Directors' Report 54 2013 Consolidated Financial Statements Consolidated Balance Sheet Consolidated Income Statement Consolidated Comprehensive Income Statement Consolidated Cash Flow Statement Statement of change in consolidated shareholders’ equity 60 Notes to the Consolidated Financial Statements 134 Supplementary Statements Statement of changes in intangible assets Statement of changes in tangible assets Transactions with Group companies 138 Declaration of the Consolidated Financial Statements as per Article 154-bis of Legs. Decree 58/98 Independent Auditors’ Report

Chairman’s letter

Dear Shareholders,

2013 was a year of major changes for the SAVE Group. In addition to the long-awaited application of the new tariff system at Venice airport under the Regulatory Agreement, a fundamental review of the corporate strategy was undertaken, resulting in a re-focus on the Airport Management activities.

The first consequence of this strategy review was the signing in September of an agreement with the Lagardère Group for the sale, in an initial phase, of 50% of the subsidiary Airest S.p.A., enabling the further development of an internally created enterprise and brands through the experience and the network of a major international Group and paving the way for growth internationally.

The second consequence was the opening of concrete negotiations for the formation of an infrastructural hub involving - in addition to the two managed airports of Venice and Treviso - also Verona airport, the second largest airport in the Veneto region and strategically positioned in one of the richest catchment areas in Italy, boasting major tourist attractions and extensive industrial activity. Also in view of the National Airports Plan, which lays the basis for the creation of a co-ordinated airport network, the focus centres on the building of a System which further develops the potential of a region which is unrivalled in tourism and economic terms and also due to the wide availability of transport infrastructure, through investments which will drive economic performance and provide employment in our region.

The SAVE market strategy - since its inception based on a large number of airlines and growth derived from the significant international focus of the airport - was again confirmed by the results posted in 2013, with Venice among the few airports to report improved traffic numbers. These results are the basis for our optimistic outlook - even considering possible developments within the Italian flag carrier. Finally, the application of the new tariff system has enabled the rolling out of a key investment plan at Venice airport, with the design of central development works beginning which will radically alter the appearance of the airport, modernising it in line with the highest sector quality standards, doubling capacity and facilitating the expected passenger growth. The peak development phase of the plan will be between 2015-2018, with investments totalling approx. Euro 600 million until 2021.

A significant development supporting SAVE’s commitment to the region was seen in 2013. SAVE was instrumental in the creation of a Work Group in December for the management of relations between the airport and the surrounding communities which has drawn praise nationally. The Group meets periodically and on the basis of a wide-ranging agenda discusses issues relating to the development of airport investment projects and all issues concerning the environment and the interests of the local community. The SAVE Work Group provides a dedicated forum for face-to-face meetings, dialogue and interchange.

The strength of SAVE’s capital base was again confirmed with the company, despite weathering one of the most severe economic crises to have hit the western world, rewarding shareholders with the distribution - also in light of the refocus on the airport business alone and in addition to dividends of Euro 23 million in 2012 - of further dividends totalling Euro 100 million from reserves, without any impact whatsoever on the financial capacity and future development of the company.

In view of that outlined above, the Board of Directors with great pleasure proposes to the Shareholders’ AGM, and in view of the continued capital strength of the company and in the expectation of strong results, a pay-out of Euro 27 million - an increase of 17.4% on the previous year.

With warmest regards,

Enrico Marchi

March 13, 2014

SAVE S.p.A. Share capital: Euro 35,971,000.00 fully paid-in Registered Office: Marco Polo Airport - Venice Tessera Viale G. Galilei, 30/1 Venice REA No.: 201102 Venice Company Registration Office No.: 29018, Tax Code and VAT number: 02193960271

Control of the company

Based on the shareholders’ register, through communications received in accordance with Article 120 of Legislative Decree No. 58/98 and other information available to the company, the shareholders of SAVE S.p.A. with holdings of greater than 2% at December 31, 2013 were:

DIRECT SHAREHOLDER % held

MARCO POLO HOLDING S.R.L. 40.12 SAN LAZZARO INVESTMENTS SPAIN SL 18.23 BANCA POPOLARE DI VICENZA S.C.P.A. 8.26 PROVINCE OF VENICE 6.48 SAVE S.P.A. 6.09 SVILUPPO 73 S.R.L. 4.31 FOUNDATION OF VENICE 2.20 SVILUPPO 91 S.R.L. 2.11 MUNICIPALITY OF TREVISO 2.09 MARKET 10.11

Board of Directors

The Board of Directors appointed by the Shareholders’ AGM of April 18, 2012 and in office at December 31, 2013 were:

Name Office Enrico Marchi Chairman & CEO Monica Scarpa CEO Paolo Simioni CEO Gabriele Andreola Director * (A) Manuela Boschieri Director Alberto Donzelli Director Matteo Pigaiani Director Amalia Sartori Director * (B) Mauro Sbroggiò Director Ronald P. Spogli Director * (B) Sandro Trevisanato Director * (A) Igor Visentin Director * (A)

* Independent Director. (A) Member of the Control & Risks Committee. (B) Member of the Remuneration Committee.

On April 11, 2013, Ambassador Ronald P. Spogli was co-opted by the Board of Directors, in accordance with Article 2386 of the Civil Code, as a new Director of the Company in replacement of the resigning Mr. Daniele De Giovanni.

Board of Statutory Auditors

The Board of Statutory Auditors in office at December 31, 2013, appointed by the Shareholders’ AGM of April 18, 2012, were:

Name Office Arcangelo Boldrin Chairman (A) Silvio Salini Statutory Auditor Nicola Serafini Statutory Auditor Valter Pastena Statutory Auditor Paolo Venuti Statutory Auditor Lino De Luca Alternate Auditor Andrea Martin Alternate Auditor (A) Member of the Supervisory Board.

Independent Audit Firm

Reconta Ernst & Young S.p.A.

The SAVE Group by Business Area

The following chart outlines the structure of the SAVE Group at December 31, 2013 by Business Area of the main operating companies.

SAVE S.p.A. (“Save” or the “Parent Company”) manages Marco Polo Airport of Venice. Save has shareholdings in: companies operating in the Airport Management sector; companies operating in the Transport Infrastructure Management and related services sector; companies operating in the sector providing hospitality and store management services for travellers, such as travel retail shops, newsstands, tobacconists, bookshops, food shops and gadget shops within transport infrastructure (airports, motorways and railway stations) and shopping centres in Italy and abroad.

Following the agreement signed in September 2013 with the Lagardère Group, which provides for the exit of the SAVE Group from the Food & Beverage and Retail activities carried out through the Airest Group and the decision of management to divest of the Centostazioni holding, the assets and the related liabilities of the above-stated companies were assessed and classified in the present document as Assets/Liabilities held-for-sale in accordance with IFRS 5. 11

Share performance

The Save share performance in 2013 is outlined below and tracked against the FTSE IT All-Share index. The official price at December 31, 2013 was Euro 12.353 per share. The Stock market capitalisation at that date was approx. Euro 684 million.

Save

Save - FTSE It All Share

Consolidated Financial Highlights

Dec 31, 13 Dec 31, 12 Cge. % (in millions of Euro) (1) Revenues 145.5 133.5 8.9% EBITDA* 58.5 53.0 10.4% EBIT** 43.9 39.0 12.7% Net profit from Continuing Operations 32.4 32.6 -0.6% Group net profit 24.8 32.0 -22.6%

Fixed capital from Continuing Operations 267.2 475.6 -43.8% Net working capital from Continuing Operations (21.7) (46.6) -53.6% Net capital employed from Discontinued Operations 188.6 Net capital employed*** 434.1 429.0 1.2%

- Parent 213.5 320.7 -33.4% - Minority interest 29.4 26.7 10.1% SHAREHOLDERS' EQUITY 242.9 347.4 -30.1%

Net financial position from Continuing Operations 102.6 Net financial position from Discontinued Operations 88.7 NET FINANCIAL POSITION 191.2 81.6 134.4%

EBIT/Revenues (ROS) 30.2% 29.2% EBIT/Net capital employed Continuing Operations (ROI) 17.9% n.a. NFP/Net equity - Gearing 0.79 0.23

(1) Management took the decision during the year to divest of holdings in Airest S.p.A. and Centostazioni S.p.A., thereby exiting the Food & Beverage and Retail and Infrastructure Management business areas. Consequently, the relative Italian and international assets were classified in the present consolidated financial statements as Assets held-for-sale in accordance with IFRS 5. The classification of these operations as Discontinued Operations resulted in: for 2013 and, for comparative purposes for 2012, the classification of the cost and revenue accounts concerning Discontinued Operations to “Profit/(loss) of Discontinued Operations” of the Income Statement; the reclassification of the relative current and non-current assets at December 31, 2013 to the account “Assets held-for-sale” of the Balance Sheet; the reclassification of the relative liabilities (excluding shareholders’equity) concerning the “Assets held-for-sale” at December 31, 2013 to the account “Liabilities related to assets held-for-sale” of the Balance Sheet. The Continuing and Discontinued Operations are presented in the Income Statement and Balance Sheet accounts without considering inter-company eliminations. This choice was made in order to provide a more representative picture of the capital and financial position and of the results, as the principal commercial transactions with companies subject to disposal will continue also in the coming year, remaining therefore within the scope of continuing operations. In addition, following the retrospective application of the amendments to IAS 19 – Employee benefits, the measurement in the comprehensive income statement of the discounting of the Post-Employment benefit provision within “Actuarial Profit/Losses” resulted in the re-statement of personnel costs for the comparative period.

*“EBITDA” measures the result excluding amortisation, depreciation, provisions for risks and the assets under concession replacement provision, write-downs, financial income and charges and taxes. **“EBIT” measures the result excluding financial income and charges and income taxes. *** “Net capital employed” measures the sum of “Net working capital” (sum of inventory, trade receivables, tax and social security receivables and payables, other assets and liabilities and trade payables) and fixed assets, net of the Post-Employment benefit provision and risks provisions.

Directors' Report

SAVE S.p.A. Share capital: Euro 35,971,000.00 fully paid-in Registered Office: Marco Polo Airport - Venice Tessera Viale G. Galilei n. 30/1 Venice REA No.: 201102 Venice Company Registration Office No.: 29018, Tax Code and VAT number: 02193960271

Directors' Report

Dear Shareholders, in reporting the Group performance, we indirectly also deal with developments concerning the activities directly managed by SAVE S.p.A. (the Parent Company). Therefore, we report also upon the significant events concerning SAVE S.p.A., as required by Article 2428 of the Civil Code.

Significant events in 2013

The Group In 2013 the new principal tariff system for operations at Venice airport was applied for the first time. This event fundamentally altered the Group’s approach compared to that pursued over recent years, as airport sector operations may now be planned on the basis of a set regulatory framework. During the year, Company management began a review of the Group strategy, leading to a refocus on the airport sector. The review prompted the actions undertaken in 2013, leading to the signing of an agreement in September 2013 with the Lagardère Group for the ceding of control of the Airest Group, through the sale of an initial 50% to be completed by the date scheduled for the approval of the current financial statements by the Shareholders’ AGM, and to the decision to divest of the Centostazioni holding. These two operations combine therefore to concentrate Group activities solely upon airport management, whose development can therefore be accelerated. Negotiations for the reaching of an industrial agreement between the various parties involved in the management of the North-Eastern airports, therefore developing the full potential of the region, set this process underway. These negotiations resulted in a demonstration of interest in the management of the “Catullo” airport of Verona and led to the subsequent negotiations currently in progress.

The market The economic performance in 2013, which closely reflects the markets in which the Group operates, was again extremely poor: after a drop in 2012 (-2.4%), 2013 reports a contraction of 1.9% in Gross Domestic Product, with the crisis struggling to come to an end (Source: ISTAT). The figures for Q3 2013, and the Q4 forecasts, indicate tentative signs of recovery, with the decline in GDP interrupted - supported by exports and re-stocking demand. The business confidence indicators in December improved to 2011 levels (Source: Bank of Italy). The economy however remains very weak, with unemployment levels reaching historic highs and a stark divergence between the various regions. The latest Bank of Italy projections confirm indications of a slight recovery from 2014 (+0.7%), increasing to 1% for 2015.

Disposable income has clearly been impacted, affecting also therefore spending on travel. Passenger traffic at the Italian airports, based on Assaeroporti figures, reduced for the second consecutive year (-1.9%) - with the larger airports hit even harder (average: -2.5%). The European situation is largely similar, with contained growth of 2.8% and a significant gap between EU Countries (+1%) and non-EU countries (+9.6%) (Source: ACI Europe).Results improved in the final quarter of 2013 and 2014 is viewed with cautious optimism.

The crisis has prompted changes also in the commercial strategies of the major European airlines, with escalating competition among the low cost airlines, a change in the commercial strategy of the major player Ryanair and with the UAE airlines exerting significant pressure against the major European airlines, which have been forced to quickly reorganise in order to protect market share.

Group Structure

The structure of the financial statements of the SAVE Group has been significantly altered for financial year 2013, following the major strategic decisions taken by Group management. In September 2013, SAVE signed a major agreement with the Lagardère Group, which forms an industrial partnership concerning the Airest Group, allowing for the creation of significant synergies and the development of Group brands internationally. The agreement provides initially for the sale of 50% of the Airest Group, to be completed by the approval date of the present financial statements by the Shareholders’ AGM, and the consequent transfer of control from January 2014. Management have also decided, in line with the decision to refocus on Airport Management, to exit the Infrastructure Management segment with the divestment of the Centostazioni holding. Consequently, the Italian and international assets and related liabilities within the Food & Beverage and Retail Business Unit and of Centostazioni were classified in the present document as Assets/Liabilities held-for-sale, measured at the lower of the book value and their fair value as per IFRS 5. The presentation of these operations as Discontinued Operations resulted in: for 2013 and, for comparative purposes for 2012, the re-classification of the cost and revenue accounts concerning Discontinued Operations to “Profit/(loss) of Discontinued Operations” of the Income Statement; the reclassification of the related current and non-current assets at December 31, 2013 to the account “Assets held-for-sale” of the Balance Sheet; the reclassification of the liabilities (excluding shareholders’ equity) relating to the “Assets held-for-sale” at December 31, 2013 to the account “Liabilities related to assets held-for-sale” of the Balance Sheet. The Continuing and Discontinued Operations are presented in the Income Statement and Balance Sheet accounts without considering inter-company eliminations. This choice was made in order to provide a more representative picture of the capital and financial position and of the results, as the principal commercial transactions with companies subject to disposal will continue also in the coming year, remaining therefore within the scope of continuing operations.

Consolidated Operational Overview

The SAVE Group consolidated reclassified income statement is reported below (in thousands of Euro): €/000 2013 2012 (*) CHANGE Operating revenue and other income 145,470 100.0% 133,523 100.0% 11,947 8.9% Raw materials and goods 2,096 1.4% 1,859 1.4% 237 12.8% Services 33,844 23.3% 33,418 25.0% 426 1.3% Lease and rental costs 8,144 5.6% 4,780 3.6% 3,364 70.4% Personnel costs 41,414 28.5% 39,121 29.3% 2,293 5.9% Other operating charges 1,445 1.0% 1,350 1.0% 95 7.0% Total operating costs 86,943 59.8% 80,528 60.3% 6,415 8.0% EBITDA 58,527 40.2% 52,995 39.7% 5,532 10.4% Amortisation 6,649 4.6% 7,341 5.5% (692) -9.4% Depreciation 3,933 2.7% 3,743 2.8% 190 5.1% Replacement provision 3,018 2.1% 2,420 1.8% 598 24.7% Losses and doubtful debt provision 113 0.1% 40 0.0% 73 182.5% Provision for risks and charges 892 0.6% 483 0.4% 409 84.6% Total amortisation, depreciation and provisions 14,605 10.0% 14,027 10.5% 578 4.1% EBIT 43,922 30.2% 38,968 29.2% 4,954 12.7% Financial income/(charges) 3,773 2.6% 5,839 4.4% (2,066) -35.4% Profit before taxes 47,695 32.8% 44,807 33.6% 2,888 6.4% Income tax 15,313 10.5% 12,224 9.2% 3,089 25.3% Profit/(loss) on continuing operations 32,382 22.3% 32,583 24.4% (201) -0.6% Profit/(loss) on discontinued operations (6,539) -4.5% 951 0.7% (7,490) n.a. Net Profit for the year 25,843 17.8% 33,534 25.1% (7,690) -22.9% Minority interests (1,089) -0.7% (1,559) -1.2% 470 -30.1% Group Net Profit 24,754 17.0% 31,975 23.9% (7,221) -22.6%

(*) Data restated following retrospective application of IAS 19 – Employee benefits.

Revenues increased 8.9% - from Euro 133.5 million in 2012 to Euro 145.5 million in 2013. The figures, as previously stated, concern the Airport Management activities carried out principally at the Venice and Treviso airports and are broken down as follows:

2013 2012 Change Change % €/000 Total Venice Treviso Other Total Venice Treviso Other Total Venice Treviso Other Total Aviation fees & tariffs 89,959 78,569 11,390 0 79,444 67,003 12,441 0 10,515 11,566 (1,051) 0 13.2% Cargo Handling Depot 3,105 3,101 4 0 3,143 3,140 3 0 (38) (39) 1 0 -1.2% Handling 1,876 762 1,114 0 2,014 704 1,310 0 (138) 58 (196) 0 -6.9% Aviation revenue 94,940 82,432 12,508 0 84,601 70,847 13,754 0 10,339 11,585 (1,246) 0 12.2% Ticketing 126 87 39 0 195 133 62 0 (69) (46) (23) 0 -35.4% Parking 11,223 10,099 1,124 0 11,412 10,186 1,226 0 (189) (87) (102) 0 -1.7% Advertising 1,756 1,738 18 0 1,547 1,498 49 0 209 240 (31) 0 13.5% Commercial 26,504 24,228 2,276 0 25,150 22,743 2,407 0 1,354 1,485 (131) 0 5.4% Non-Aviation revenue 39,609 36,152 3,457 0 38,304 34,560 3,744 0 1,305 1,592 (287) 0 3.4% Other income 10,921 5,134 1,151 4,637 10,618 6,265 445 3,908 303 (1,132) 706 729 2.9% Total Revenues 145,470 123,717 17,116 4,637 133,523 111,672 17,943 3,908 11,947 12,045 (827) 729 8.9%

The most significant events impacting revenues were: aviation revenue growth of 12.2% on 2012, principally due to the application at Venice airport of the new tariff system from March 2013; the faster growth (compared to passenger numbers) of non-aeronautic revenues (+3.4%), due to strong advertising revenues (+13.5%) and commercial revenues (+5.4%), with the average spend per passenger increasing; the maintenance of parking management revenues - affected by the market dynamic impacting departing Italian passengers.

The EBITDA of Euro 58.5 million grew 10.4% compared to Euro 53 million in 2012. Costs in the year were principally impacted by the increase in the Concession fee (+86.9%), substantially due to the introduction of the new tariff system, increased Labour costs (+5.9%) following the increase in the average EFT in the year for the security control area and the estimated effects of the renewal of the national labour contract; the result was impacted also by increased traffic promo costs, which were directly deducted from revenues, relating in particular to the development of destinations from Venice airport in the first quarter of 2013.

The EBIT of approx. Euro 43.9 million improved 12.7% compared to Euro 39 million in 2012. The increase of approx. Euro 5 million relates to the increased gross profit, partially offset by increased provisions for risks on a number of disputes in progress. The EBIT margin increased from 29.2% in 2012 to 30.2% in 2013.

Net financial income totalled Euro 3.8 million, compared to Euro 5.8 million in 2012. The difference concerns for Euro 1.7 million investment management and for Euro 0.3 million financial resource management. In relation to investment management income, which reduced from Euro 6.2 million to Euro 4.5 million, we indicate the gain of approx. Euro 2.1 million in 2012 from the sale of the investment in the motorway company Venezia Padova and the gain in 2013 from the sale of listed shares of approx. Euro 0.7 million. The equity valuation of minority shareholdings resulted in income of approx. Euro 3.8 million. The principal valuations concern the investment in Charleroi airport, resulting in income of approx. Euro 2.7 million and the investment in VTP which generated income of approx. Euro 1.1 million.

The results from discontinued operations considers the lower of the book value and the fair value, as per IFRS 5. The net loss in 2013 of Euro 6.5 million relates to the Airest Group (loss of Euro 7.9 million), partially offset by the net profit of Centostazioni (Euro 1.4 million).

The Group Net Profit totalled Euro 24.8 million, compared to Euro 32 million in 2012. In 2012 the result benefitted from the recognition of the tax credit for the “IRES from IRAP” repayment for a total of approx. Euro 1.3 million.

Group Reclassified Balance Sheet

€/000 Dec 31, 13 Dec 31, 12 Change Property, plant & equipment 53,996 117,841 (63,845) Airport concession rights 183,993 176,564 7,429 Intangible fixed assets 8,741 146,021 (137,280) Financial fixed assets 31,152 34,401 (3,249) Deferred tax assets 27,974 47,108 (19,134) TOTAL FIXED ASSETS 305,856 521,935 (216,079) Post-employment benefits (3,812) (7,134) 3,322 Provision for liabilities and deferred taxes (34,843) (39,224) 4,381 Non-current assets held-for-sale 216,081 216,081 FIXED CAPITAL EMPLOYED 483,283 475,577 7,706 Inventories 1,224 13,694 (12,470) Trade receivables 22,266 37,933 (15,667) Tax assets 4,315 4,325 (10) Other receivables and other current assets 19,585 20,242 (657) Trade payables and advances (27,325) (71,509) 44,184 Tax payables (1,532) (2,838) 1,306 Payables to social security institutions (2,986) (6,001) 3,015 Other payables (37,200) (42,448) 5,248 Net Working Capital - discontinued operations (27,528) (22) (27,506) TOTAL NET WORKING CAPITAL (49,181) (46,624) (2,557) TOTAL CAPITAL EMPLOYED 434,102 428,953 5,149 Group net equity 213,487 320,695 (107,208) Minority interest 29,389 26,683 2,706 SHARHOLDERS' EQUITY 242,877 347,378 (104,501) Cash and current assets (15,720) (60,889) 45,169 Current bank payables 112,142 52,139 60,003 Non-current bank payables 46,029 86,612 (40,583) Other lenders 301 4,092 (3,791) Financial receivables from group & related companies (41,979) (981) (40,998) Financial payables to group & related companies 1,796 649 1,147 Financial liabilities related to assets held-for-sale 88,656 (47) 88,703 TOTAL NET FINANCIAL POSITION 191,225 81,575 109,650 TOTAL FINANCIAL SOURCES 434,102 428,953 5,149

The Group balance sheet in 2013, considered generally and excluding the effects from the reclassifications under IFRS 5, did not change significantly in terms of Capital Employed, maintaining Fixed Capital substantially at December 2012 levels (Euro 483 million compared to Euro 476 million at December 2012), with a negative Net Working Capital increasing by approx. Euro 2.6 million. The Net Financial Position reports an increase in the debt position from Euro 81.6 million at the end of 2012 to Euro 191.2 million at the end of 2013, impacted however by the extraordinary distribution of available reserves for Euro 100 million in December 2013. The Net Debt, in relation to assets held-for-sale, includes approx. Euro 61 million concerning the Airest Group, whose 50% divestment - with consequent loss of control by the Group - will take place by the date scheduled for the approval of the present financial statements by the Shareholders’ AGM. Following the disposal operation, SAVE S.p.A. will be fully repaid all financial assets from the Airest Group in place at December 31, 2013, amounting to approx. Euro 42 million. In addition, the Net Debt at December 31, 2013 would be restated at approx. Euro -105.9 million, of which Euro 27.8 million of residual assets held-for-sale. 20

Including this adjustment, the Continuing operations Debt/EBITDA ratio was 1.33 and the Debt/Net Equity ratio 0.43, therefore inside the most conservative general market averages. During 2013, the Group as a whole invested Euro 38.5 million in capital expenditures and intangible assets, broken down by business unit as follows: Airport Management for approx. Euro 22.3 million, following the launching of the investment plan under the new tariff system; Infrastructure Management for approx. Euro 0.9 million and Food & Beverage and Retail for approx. Euro 15.3 million, based on the restructurings and new sales point openings in the year. The investments relating to the latter two business units are included in the account “Non-current assets held-for-sale”.

The net working capital decreased from a negative Euro -46.6 million at December 31, 2012 to a negative Euro -49.2 million at December 31, 2013, principally due to the increase in the Working Capital of the Airest Group, following also the change in the legally-established payment conditions for fresh products, more than offset by the improvement in working capital of the Airport business unit.

Shareholders’ equity of Euro 242.9 million reduced Euro 104.5 million compared to December 31, 2012, reporting the following principal movements: the payment of dividends to shareholders in the first half of the year of Euro 23 million; the extraordinary distribution of reserves, approved by shareholders in November 2013, for Euro 100 million; the reduction of Euro 8.6 million following the treasury share buy-back; the net profit, excluding minority interests, of Euro 25.8 million.

Net Financial Position

The Group net financial position reports a net debt of Euro 191.2 million compared to Euro 81.6 million at December 31, 2012.

(in thousands of Euro) Dec 31, 13 Dec 31, 12 Cash and cash equivalents 15,552 58,968 Financial assets of group companies held-for-sale (Discontinued Operations) 41,979 0 Other financial assets 168 2,903 Financial assets from Discontinued Operations 10,758 47 Financial assets 68,457 61,918

** Bank payables 112,142 52,139 * Other lenders - current portion 1,914 1,660 Financial liabilities of group companies held-for-sale (Discontinued Operations) to Parent Company 41,979 0 ** Financial liabilities of Discontinued Operations 35,562 0 Current liabilities 191,597 53,799

** Bank payables - less current portion 46,029 86,612 Other lenders - less current portion 183 3,082 ** Financial liabilities from Discontined Operations less current portion 21,872 0 Non-current liabilities 68,085 89,694

Net financial position from Continuing Operations (102,570) Net financial position from Discontinued Operations (88,655) Net Financial Position (191,225) (81,575)

* of which net liabilities for derivative contracts carried at fair value 81 165 ** Total gross payables to banks 215,605 138,751

The mandatory presentation of the Net Financial Position of the Group was impacted by the reclassifications in accordance with IFRS 5 for assets held-for-sale. Inter-company financial assets and liabilities concerning the Business Units held-for-sale are reported without elimination of the amounts (while eliminated in 2012), resulting in an increase in current assets and liabilities. Liquid assets therefore totalled Euro 68.5 million, of which approx. Euro 42 million from group companies held-for-sale, compared to Euro 61.9 million at December 2012; excluding this effect liquid assets reduced by approx. Euro 36 million related to the use of cash acquired from the loans received at the end of 2012. The net debt is comprised of current liabilities of Euro 191.6 million (of which approx. Euro 42 million to the parent company) and long-term liabilities of Euro 68 million. In terms of the cash flow statement, available liquidity (the difference between “Cash and cash equivalents” and “Bank payables – short term”, excluding the current portion of loans) decreased from approx. Euro 43.4 million at the end of 2012 to Euro 9.6 million at December 31, 2013. Loan repayments totalled approx. Euro 47 million, with repayments to other lenders of Euro 0.8 22

million, offset by the issue of new loans for approx. Euro 120 million. Operating activities generated cash flows of approx. Euro 59.9 million, while capital expenditure and intangible assets absorbed cash of approx. Euro 38 million. Additional outflows in the year concerned the payment of dividends of Euro 123 million. Net payables for the fair value measurement of interest rate risk hedging amounted to Euro 0.1 million, compared to net payables of Euro 0.2 million at the end of the previous year and are categorised as “Other current financial liabilities”.

Group bank loans, measured under the amortised cost method, totalled Euro 196.2 million, with the current portion totalling Euro 130.8 million, of which Euro 108.4 million concerning the Parent Company. Loans due beyond one year totalled Euro 65.3 million, of which Euro 8 million due beyond five years. Medium/long-term loans are subject to hedging (IRS) against interest rate increases for approx. 4.1% of their total principal value.

Guarantees granted

The following table summarises the guarantees granted by the SAVE Group at December 31, 2013.

Guarantees granted (in thousands of Euro) Amount Sureties: 24,290 - as a guarantee for lease contracts 23,243 - as a guarantee for public grants - - as a guarantee for tax receivables/payables 618 - other 429 Mortgages 5,300 Total guarantees granted 29,590

At December 31, 2013, the guarantees granted by the SAVE Group total approx. Euro 29.6 million and principally concern: - sureties as a guarantee of lease/sub-concession contracts for Euro 23.2 million; - sureties as a guarantee for tax receivables or payables for Euro 0.6 million; - other sureties, principally as guarantee for the supply of goods, for Euro 0.4 million; - mortgages of Euro 5.3 million. These guarantees include Euro 22.8 million issued by companies considered as Discontinued Operations.

Human Resources

An analysis of the Group workforce follows.

Workforce Dec 31, 13 Dec 31, 12 Change Full Part Full Part Full Part Time Time Time Time Time Time Airport Management 694 136 689 122 5 14 Infrastructure Management 120 9 121 7 (1) 2 Food & Beverage and Retail 1,381 649 1,408 598 (27) 51 TOTAL 2,195 794 2,218 727 (23) 67 TOTAL WORKFORCE 2,989 2,945 44 Continuing Operations 830 Discontinued Operations 2,159

Employees at December 31, 2013, including both full-time and part-time, in addition to fixed contract employees, totaled 2,989, increasing by 44 compared to December 31, 2012.

The workforce full-time equivalent at December 31, 2013 was 2,704, compared to 2,658 in 2012.

Airport Infrastructure Food & Beverage Management Management and Retail TOTAL WORKFORCE AT Dec 31, 13 Full Part Full Part Full Part Full Part Time Time Time Time Time Time Time Time Executives 20 4 26 50 Managers 41 1 33 1 48 122 2 White-collar 488 116 83 8 286 56 857 180 Blue-collar 145 19 991 593 1,136 612 Trainees 30 30 TOTAL 694 136 120 9 1,381 649 2,195 794 TOTAL WORKFORCE 830 129 2,030 2,989 Continuing Operations 830 830 Discontinued Operations 129 2,030 2,159

Of the 2,989 employees at December 31, 2013, 830 relate to airport management activities (“Continuing Operations”), while 2,159 relate to “Discontinued Operations” within the Food & Beverage and Retail sector and the company Centostazioni S.p.A..

Subsequent events after year-end

No significant events which could substantially alter the current balance sheet and financial situation or which would require amendments or supplements to the financial statements took place after the reporting date.

Outlook

On the basis of the forecast contained recovery, we approach 2014 with cautious optimism and in the expectation of a moderate improvement for both traffic volumes and profit levels. In 2014, the Group will be engaged in the challenging start-up phase of construction works under the agreement with ENAC, which will support the development in particular of Venice airport and the region as a whole. The Group strategy to focus on airport management, moving away therefore from the business diversification strategy, will see an increased drive toward the integration of airports and also our involvement in new operating structures.

Group Airport Management Review

Airport Management

Traffic performance

Italian airport passenger traffic, according to Assaeroporti figures, reduced for the second consecutive year, with 144,144,189 passengers (-1.9% YoY) for 1,424,729 movements (-6% YoY).

Italian Airports - Breakdown of passenger traffic by category

Cge. % Dec 31, 13 '13/'12 Hubs* 54,121,420 -2.5% Medium-sized airports** 50,174,271 -1.5% Airports with mainly Ryanair traffic*** 27,052,369 1.2% Other 12,796,129 -6.7%

TOTAL 144,144,189 -1.9% * Hubs: Rome Fiumicino, Milan Malpensa ** Airports with more than 3 million pax/year and % Ryanair <50%: Bologna, Bari, Cagliari, Catania, Milan Linate, Naples, Palermo, Turin, Venice *** Airports with % Ryanair >50%: Alghero, Ancona, Bergamo, Brindisi, Rome Ciampino, Parma, Pisa, Pescara, Treviso, Trapani The national traffic performance, in addition to the economic crisis in Italy and more generally across Southern Europe, was impacted by the curtailed operations of the traditional airlines (principally Alitalia Group) in favour of low-cost airlines and competition with high-speed rail on the domestic market. The contraction on the domestic market was however offset by robust international traffic numbers, particularly non-European traffic. In terms of traffic distribution between the various airport categories, the airports of Fiumicino and Malpensa reported an overall passenger traffic contraction of -2.5% in 2013 compared to the previous year.

The Venice Airport System (which includes the Venice and Treviso airports) in 2013 again confirmed its position as the third largest Italian airport system after Rome and Milan, with over 10.5 million passengers (+0.5%). Venice, with over 8.4 million passengers, is the fifth largest Italian airport after Rome, the two Milan system airports (Malpensa and Linate) and the low-cost airport at Bergamo.

Venice airport system

The Venice Airport System reports over 10.5 million passengers for 2013, increasing 0.5% compared to the previous year, for nearly 100 thousand total movements (-4.9%).

The following table reports the key traffic data for 2013 (compared to 2012):

VENICE AIRPORT SYSTEM Progressive up to December Cge % Dec 31, 13 % of system Dec 31, 12 % of system '13/'12 SAVE Movements 80,999 82% 84,233 81% -3.8% Passengers 8,403,790 79% 8,188,455 78% 2.6% Tonnage 5,516,221 84% 5,575,291 82% -1.1% Cargo (Tons) 45,662 100% 40,886 100% 11.7%

AERTRE Movements 18,359 18% 20,279 19% -9.5% Passengers 2,175,396 21% 2,333,758 22% -6.8% Tonnage 1,059,072 16% 1,222,376 18% -13.4% Cargo (Tons) 0 0% 53 0% -99.9%

SYSTEM Movements 99,358 104,512 -4.9% Passengers 10,579,186 10,522,213 0.5% Tonnage 6,575,293 6,797,667 -3.3% Cargo (Tons) 45,662 40,939 11.5%

The breakdown of traffic by type was as follows:

VENICE AIRPORT SYSTEM Progressive up to December Cge. % Dec 31, 13 '13/'12 Commercial aviation Scheduled + Charter Movements (no.) 89,534 -6.4% Passengers (no.) 10,558,362 0.5% Cargo (tonnes) 45,615 11.5% Mail (tonnes) 47 60.6% Aircraft (tonnes) 6,439,442 -3.7%

General Aviation Movements (no.) 9,824 11.0% Passengers (no.) 20,824 11.6% Aircraft (tonnes) 135,851 18.9%

Overall Movements (no.) 99,358 -4.9% Passengers (no.) 10,579,186 0.5% Cargo/Mail (tonnes) 45,662 11.5% Aircraft (tonnes) 6,575,293 -3.3%

Venice

A year of consolidation following the extraordinary traffic growth of 2012

Passengers at Venice airport in 2013 numbered over 8.4 million, increasing 2.6% on the previous year (movements: -3.8%). The traffic breakdown highlights the predominance of international over domestic traffic at the airport: 80% of passengers fly between Venice and other European and inter-continental destinations, compared to an Italian airport system market average of 60%. Passengers traveling between Venice and long-haul destinations operating out of Venice airport (Unites States, Canada, United Arab Emirates and Qatar) numbered over 620 thousand in 2013, increasing 7.6% on the previous year, thanks to new flights connecting Canada by Air Canada Rouge and the increase in traffic between Venice and the United Arab Emirates. The US market was stable, thanks to greater seat occupancy and the extension of US Airways operations in the winter season, despite the loss of the non-stop flight with New York JFK in the winter months. The outward looking nature of our customer base was further confirmed by the 28% of passengers departing from Venice transiting at another airport on to their final international destination. New flights were introduced in 2013 at Venice airport which contributed to the development of both business and tourist traffic. Air Canada Rouge introduced 3 weekly flights between Venice and Toronto beginning from July, while Air Transat added extra flights to Montreal (which operates also weekly flights between Venice and Toronto), therefore increasing traffic between Venice and North America. Alitalia/Airone introduced flights with Catania and Tirana, with Easyjet adding new flights between Venice and London Southend and Manchester, while Transavia France increased the number of French destinations, with flights to Lille, Nantes and Paris Orly. The airline Volotea, based in Venice, in addition to connecting Venice with Greece during the summer season, introduced new flights for Catania and Nantes. In addition, from the summer season, Germanwings, following the strategy shift by the Lufthansa Group, transferred its German flights from Treviso to Venice. A significant number of additional flights were added to existing destinations at the airport during the year: Air Transat introduced an added weekly flight for Montreal, in addition to reinstating the summer flights for Toronto; Tunisair added an additional weekly flight for Tunis, while TAP added 3 more weekly flights, therefore improving Venice’s connectivity also with Central-South America, while Brussels Airlines added 4 more weekly flights with Brussels from June. Connections with the US were fully operative, with flights to Atlanta and New York by Delta Air Lines and to Philadelphia by US Airways, in addition to the reinstatement of other summer flights, including Athens and Ibiza. For the winter season, EI Al introduced a non-stop flight between Venice and Tel Aviv from November 2013.

Traffic breakdown at Venice between domestic, EU and non-EU destinations is outlined below.

Origin/destination areas - Venice Progressive up to December

Dec 31, 13 Cge. % '13/'12 Domestic traffic 1,686,723 -7.1% EU Traffic 4,999,841 2.5% Non-EU Traffic 1,701,911 14.6%

Total commercial aviation 8,388,475 2.6%

General Aviation 15,315 18.1%

Total 8,403,790 2.6%

In 2013, non-EU traffic represented 20% of overall Venice airport traffic. 50 thousand passengers during the year flew non-stop between Venice and Canada (Toronto and Montreal), nearly doubling the 2012 number, thanks to the new flight with Toronto operated by Air Canada Rouge and the added flights of Air Transat; direct US traffic (New York JFK, Philadelphia and Atlanta) was in line with the previous year (over 200 thousand passengers transported), despite the stoppage of the non-stop flight with New York during the winter season; flights with the Middle East (Dubai and Doha) transported over 350 thousand passengers with final Asian and Australian destinations during the year (+6.5% compared to 2012); Turkish Airlines, with 3 daily flights, transported more than 250 thousand passengers between Venice and Istanbul (+47% compared to the previous year); Aeroflot transported over 150 thousand passengers between Venice and Moscow in the year, in addition to the over 30 thousand passengers with Transaero for Moscow Domodedovo and Moscow Vnukovo and nearly 20 thousand passengers with Airone for Saint Petersburg and Samara; passengers transported between Venice and mid-range Mediterranean destinations (Tunis and Casablanca) totalled nearly 88 thousand in 2013 (+24%), thanks to additional Tunisair flights with Tunis and the first year of full operations by Air Arabia Maroc with Venice; direct passengers between Venice and Tel Aviv numbered over 2 thousand in the first 2 months of El Al operations with Venice.

The following table completes that outlined above, with breakdown by country of origin/destination of Venice airport traffic.

Main destination/origin countries - Venice Progressive up to December

Country Dec 31, 13 Cge. % '13/'12 Italy 1,686,723 -7.1% France 1,337,128 9.6% Germany 1,129,670 8.8% England 1,003,955 8.9% Spain 529,025 -27.1% Switzerland 324,604 12.4% Netherlands 316,359 17.3% United Arab Emirates 273,580 8.2% Turkey 259,789 34.7% United States 216,752 -1.0% Other 1,310,890 6.4% General Aviation 15,315 18.1% Total 8,403,790 2.6%

Italy remains the largest market, despite losing 7% in passenger traffic terms in 2013. Domestic passenger traffic accounts for 20% of total airport traffic. The Spanish market contracted 27% in terms of passengers transported during the year. Traffic growth between Venice and Turkey is noteworthy, thanks to the development of Turkish Airlines operations with Istanbul.

The table below highlights the breakdown of Venice airport traffic by major airline (passengers transported).

Main carriers - Venice Progressive up to December Carrier Dec 31, 13 Cge. % '13/'12 Easyjet 1,516,185 5.7% Alitalia/Airone 1,144,074 -9.0% Air France 609,339 -3.2% Lufthansa 523,350 -26.3% Volotea 407,722 59.2% British Airways 403,815 12.3% Klm 288,394 9.6% Emirates 273,904 8.4% Turkish Airlines 251,209 47.1% Vueling 249,174 -4.1% Other 2,721,309 5.3% General Aviation 15,315 18.1% Total 8,403,790 2.6%

Easyjet consolidated its position as the leading airline at Venice airport, with over 1.5 million passengers transported in 2013 (+5.7%). Alitalia/Airone follows, with over 1.1 million passengers (-9% on 2012). Volotea, in its first full year of operations, surpassed 400 thousand passengers and was the fifth largest airline at the airport. The drop in Lufthansa traffic was due to the fact that from February 2013 flights with Munich, despite no change from an operating viewpoint (Air Dolomiti was previously operational at the airport), were completely carried by Air Dolomiti.

General aviation traffic at Venice increased 18% during the year, thanks to the Biennial and major private events held in Venice in 2013. The growth of Venice was in significant contrast to the Italian market overall, which contracted 3.9% in general aviation passenger terms.

Venice airport cargo traffic (including the operations of UPS and DHL and the postal service) increased 11.7% on 2012; air cargo increased 13.9% with road cargo rising 2%, particularly increasing in the final months of 2013. Overall exports during the year increased (63% of airport cargo traffic at the airport) - as did imports via air.

Treviso

Treviso airport in 2013 reported 2,175,396 passengers, reducing 6.8% on 2012 (movements: - 9.5%). Treviso airport (Aer Tre) represents 21% of total System passengers in the year. Ryanair transported over 1.7 million passengers in 2013 (-1.3%) and accounts for 79% of total Treviso traffic. The loss of Treviso traffic with the Spanish market (-28%) during the year was particularly noted. Ryanair introduced new flights with Crete (Chania) and Marseilles during the summer, while the Seville and Paphos routes were suspended. In addition, from December the airline operated direct connections with Catania and Lamezia Terme from Treviso.

From the summer season, Germanwings transferred from Treviso to Venice their German flights; the Air Arabia Maroc operations with Casablanca were transferred to Venice from summer 2012.

Strategy of the Venice – Treviso airport system

After the loss of 1.3% of passengers in 2012, 2013 was another difficult year for the Italian airport market, with a contraction of 1.9% of overall traffic volumes. 2013 was a year of consolidation for Venice airport which, despite the significant increase in 2012 (+12.3%), continues to develop - adding further traffic growth of 2.6%. Treviso airport also in 2013 reported a reduction in traffic, based both on the general Italian market dynamic and the transfer of operations by a number of airlines to Venice on the basis of strategy changes.

For Venice airport, after the opening of direct flights with Toronto by Air Canada Rouge in summer 2013, the strong push in the near term to develop international traffic will continue, with three principal objectives in the medium/long-term:

the strengthened presence of Middle Eastern airlines at the airport; the increased number of North American destinations reachable through non-stop flights; the introduction of direct flights between Venice and the Far East. From April 2014 Alitalia will begin non-stop flights with Tokyo.

The future strategy will also concentrate on developing the short and mid-range network, through:

the development and seasonal extension of flights with Scandinavia; the recovery of volumes lost in the last two years with the Spanish market, also through new direct operations with the Canary Islands; increased non-stop flights between Venice and North Africa, benefitting the ethnic and outgoing customer base in particular, thanks both to the opening of new destinations and increased frequencies on existing routes; additional flights with Tel Aviv, after the start-up of direct El Al operations with Venice.

The focus of Treviso airport will centre on the recovery of traffic volumes lost in recent years, thanks to the expansion of operations by the two largest airlines (Ryanair and Wizzair).

Charleroi airport

Passenger traffic in 2013 improved 4.2% to nearly 6.8 million passengers; Q4 2013 reported an increase of 6.6% on the previous year, with more than 100,000 additional passengers.

The principal airline operating from the airport was Ryanair, transporting over 5.6 million passengers in 2013, up 3.8% on 2012 (market share of approx. 83%). Ryanair currently operates out of Charleroi with 16 aircraft, serving 74 regular destinations. The second largest airline was Jet Airfly (TUI Arlines Belgium), with nearly 700 thousand passengers in 2013, up 5% on the previous year. The airline serves 16 regular destinations with 4 aircraft. The third largest airline Wizzair also reported significant growth, transporting over 460 thousand passengers in 2013 (+13%); Wizzair serves 7 regular destinations from Charleroi.

2014 also poses uncertainties for Charleroi, due to decisions made by the major airlines. Following the transfer announced by Ryanair for 2014 of aircraft based at the airport to major airports such as Brussels Zaventem and Rome Fiumicino, the base of the Irish airline at Charleroi will see a reduction in offered capacity, translating into a temporary drop in expected passengers for the coming year. On the other hand, Pegasus Airline, a Turkish airline previously operating from Brussels Zaventem, for summer 2014 will operate from March 30, 2014 a daily flight with Istanbul - Sabiha. The entry of this new airline offers connectivity options for Charleroi with other destinations operated by Pegasus in the Middle East, such as Dubai, Doha and Tel Aviv, among many others, improving therefore the connectivity between the Charleroi userbase and the world. Also from summer 2014 Thomas Cook, the British tour operator, will introduce charter flights with Antalya (Turkey) from June 28. In addition, Wizzair will launch a bi-weekly flight with Skopje (Macedonia) from April 16, 2014.

Investments at Venice and Treviso airports

Investments by the Airport Management Business Unit totalled Euro 22.2 million, of which Euro 1.9 million allocated to the airport concession rights replacement provision.

The principal investments in 2013 at Venice airport concerned the works to facilitate increased passenger numbers at the terminal for Euro 4.7 million, the initiation of planning work on the new airport infrastructure for Euro 4.6 million, works on existing airport infrastructure for Euro 4.0 million, reorganisation work at the old airport for Euro 1.7 million, IT system investment for Euro 1.7 million, investments in the development and protection of electricity lines for Euro 1.4 million, the start-up of construction on the new access roundabout for Euro 0.8 million and the installation of new advertising plant for Euro 0.5 million. At Treviso airport, investments totalling Euro 1 million were carried out, of which Euro 0.7 million for the development of airport infrastructure.

Regulatory Framework Amendments

Approval of the new Regulatory Agreement Tariff System

As previously stated, Article 17, paragraph 34-bis of Legislative Decree No. 78 of 1.07.2009, enacted into Law 102/09, as amended by Article 47, paragraph 3-bis, letters a) and b) of Legislative Decree 78/10, enacted with amendments into Law 122/10, authorised ENAC to undertake, for airports of national importance and however with traffic of greater than 8 million passengers annually, long-term Regulatory Agreements with options for updating throughout their applicability. ENAC recognised the applicability of the regulation to Venice, based on the Venice/Treviso System, as also recognised by Italian and European legislation. On October 26, 2012, ENAC and SAVE S.p.A. signed the Regulatory Agreement, as per Article 17, paragraph 34-bis of Legislative Decree No. 78/2009, subsequently approved with Presidential Decree of December 28, 2012, subject also to the introduction of Article 1, paragraph 1 of the same Decree. On the same date, ENAC and SAVE signed an additional agreement which introduced the conditions of the President of the Governmental Council of Ministers. On December 31, 2012, Presidential Decree of December 28, 2012 was published through an announcement in the Official Gazette No. 303. As set out in the Official Gazette, the documentation concerning the Regulatory Agreement was published on the institutional websites of the Ministry for Infrastructure and Transport and of ENAC. The new tariffs entered into force from March 11, 2013. On February 28, 2013, the Municipality of Venice initiated an action at the Veneto Regional Administrative Court against, respectively, ENAC, Save S.p.A. and the President of the Council of Ministers, requesting annulment of the Regulatory Agreement signed between ENAC and Save on October 26, 2012, in addition to Presidential Decree of 28.12.2012. The appeal did not request any suspension of the cited legal instruments. On 06.03.2013, Assaereo (National association of airlines and air transport operators) brought a case to the Veneto Regional Administrative Court against the President of the Council of Ministers, the MEF, the MIT, ENAC and Save, requesting annulment of the ENAC/Save Regulatory Agreement. The suspension of the cited legal instruments was also not requested in this case. Assaereo presented similar actions against the Rome Airports and the SEA Milan Airports for annulment of the respective Regulatory Agreements. Finally, on 29.04.2013 also the Bankruptcy of the company Aeroterminal S.p.A. in liquidation notified of the extraordinary action against the Presidency of the Council of Ministers, ENAC and Save requesting annulment of the Regulatory Agreement.

Assaeroporti, which represents the major Italian airports, among others, intervened in defence of SAVE and the other cited parties. Following the public hearing of 18.12.2013 on the proposed actions respectively by the Municipality of Venice and the Aeroterminal Bankruptcy, the case was taken under advisement. Subsequently, respectively on January 30 and February 17, 2014, two judgements of the Veneto Regional Administrative Court were published, rejecting the actions presented by both the Municipality of Venice and the Aeroterminal Bankruptcy.

Airport fees in force

From March 11, 2013, SAVE has applied the airport fees established by the Regulatory Agreements, approved by Presidential Decree of December 28, 2012. Following the initiation of an infraction procedure against the Italian Republic by the European Commission (Note C (2013) 3048 of May 30, 2013), the Italian Government standardised the take-off and landing fees applied at Italian airports. Consequently, in October 2013 a series of Decrees were adopted by the Ministry for Infrastructure and Transport and by the President of the Council of Ministers, standardising such fees at all Italian airports. Specifically, in relation to Venice airport, the President of the Council of Ministers, with Decree of October 29, 2013 (communication published in Official Gazette No. 256 of 31-10-2013) approved the new standardised take-off and landing fees for EU and non-EU flights, included as annexes to the Regulatory Agreement in force between ENAC and SAVE. Finally, the calculation of fees is updated annually in accordance with Article 15 of the Regulatory Agreement and become effective within 60 days from publication of the tables under the contractually established means.

Recent airport sector regulatory developments

Significant airport sector regulatory developments, particularly concerning financial conditions, were introduced between the end of 2011 and the beginning of 2012. Article 37 of Legislative Decree No. 201/2011 (the so-called Save Italy Decree), enacted with amendments by Law No. 214/2011, as amended by Article 36 of Legislative Decree No. 1/2012 (the so-called Liberalisation Decree), enacted with amendments by Law No. 27/2012, provides for the setting up of the Transport Regulation Authority and a Management Committee comprising of a Chairman and two members, which has not yet been appointed. The Authority is required, among other issues, by Article 37, paragraph 2, letter h) of Legislative Decree No. 201/2011, to carry out all the functions of an Oversight Authority, as established by Article 71, paragraph 2 of Legislative Decree No. 1/2012, enacted by Law No. 27/2012, for the determination and collection of airport fees at national airports open to commercial traffic, in accordance with Directive 2009/2012/EU. Legislative Decree No. 1/2012, enacted with amendments by Law No. 27 of 24.03.2012, as stated, in addition to extensive amendments under Article 36 and the above-stated Article 37 of Legislative Decree No. 201/2011, incorporated to Articles 71 to 82, Directive 2009/2012/EU concerning airport fees, establishing common principles for the determination and collection of airport fees at national airports open to commercial traffic. On June 7, 2013 the Ministry for Infrastructure and Transport adopted Guideline No. 220, which in relation to the operational rules of the Transport Regulation Authority, provisionally allocated to ENAC the duties attributed to the Authority concerning financial conditions, in accordance with Articles 71-79 of Legislative Decree No. 1/2012. For the same period, the Guideline establishes that the supervisory functions concerning airport fees are carried out by the Ministry for Infrastructure and Transport. Under Guideline No. 220/2012, on July 18, 2013 the Body published on its website and opened to consultation the Tariff governance models calibrated according to the annual traffic recorded 36

at national airports, differentiated by airports with annual passenger traffic greater than eight million passengers and airports with annual traffic of less than eight million passengers, with a specific section dedicated to simplified procedures for airports with annual passenger traffic of less than one million. Also in July, the Council of Ministers nominated the three members for the Transport Regulation Authority (Andrea Camanzi, Barbara Marinali and Mario Valducci, respectively as Chairman and Commissioners of the Authority), with the approval of the House and Senate Commissions. Under Decree of the President of the Republic of August 9, 2013, the members of the Transport Regulation Authority were appointed. Finally, the headquarters of the Authority were established by law as residing in the City of Turin (Article 25-bis, paragraph 1 of Legislative Decree No. 69 of June 21, 2013, with amendments under Law No. 98 of August 9, 2013).

Awarding of total management of Treviso airport to Aer Tre S.p.A.

Under Decree No. 153 of April 16, 2013, adopted by the Ministry for Infrastructure and Transport, together with the Ministry for the Economy and Finance, filed at the National Audit Office on August 19, 2013 (and latterly on September 11, 2013 at the Documents Office of the Ministry for Infrastructure and Transport and the Ministry for the Environment, Regional protection and the Marine – Register No. 6 File 170), in conclusion of a very long process, Agreement No. 13/2010 between ENAC and Aer Tre S.p.A. was finally approved on October 14, 2010, awarding the total management of Treviso airport to Aer Tre for a forty-year duration beginning April 16, 2013. The concession permits the design, development, implementation, amendment, management, maintenance and use of plant and airport infrastructure, including state assets at Sant’Angelo airport, now Canova, of Treviso.

Quality

Passenger Services Governance

As in previous years, passenger services were monitored under the quality plan. The airport was involved in the ASQ-ACI international airport benchmark programme, with over 200 leading international airports taking part in 2013. In relation to the Services Charter, for the 54 indicators established under the programme, a record number of assessments and surveys (over 6,000) were carried out at the Venice and Treviso airports. In order to identify areas for improvement and development in terms of the retail offer, an analysis of the passenger profile and the standard of the commercial offer at the Venice terminal, in collaboration with the Commercial Department, was carried out. This initiative, traditionally of significant benefit, indicated numerous and interesting areas for improvement at the various areas directly and indirectly linked to the retail offer.

The Environment

Airport noise monitoring

The ongoing monitoring of the noise impact on the localities surrounding the airport, carried out through 5 sound level recording stations located at specific points, continued throughout the year. All activities and the significant quantity of data and information produced were published 37

on the airport’s web portal, dedicated entirely to environmental issues, accessible through the official website www.veniceairport.it. In Venice, the new initial ascent procedure was confirmed. From the beginning of the year the fifth station was positioned at the South Eastern perimeter of the airport.

Electromagnetic field monitoring

Following the measurements conducted in 2011, from the second half of 2012 an ongoing electromagnetic/electrosmog radiation control system was introduced. The control system network is currently comprised of 6 units located within the passenger terminal, at the Save office building and at the aircraft apron. The electrosmog section of the web portal will also be developed and gradually completed.

Air quality monitoring

Save continued its partnership with the Department of Environmental Sciences at the Cà Foscari University and the support by the Zone Body for the monitoring of air quality also continued. The project regarding the measurement of the principal airport emissions was carried out by a research group from within the Department of Environmental Sciences, analysing air pollutant dispersion and particularly the formation of the PM10 and PM 2.5 particles. The results confirmed the residual emissions from airport activity.

Aci Carbon Certification

The recording of CO2 emissions required for Aci Carbon certification were completed at the beginning of 2014. All emission sources were recorded and for Venice a level 2 (Reduction) application was carried out, while for Treviso a level 1 application (Mapping) was completed.

Security

Training

In accordance with the State Region Agreement, a number of training courses were organised and carried out, including: basic safety training for new hires, safety update courses for workers who attended courses before 2008 and the training of employees for fire-fighting and prevention. In terms of fire prevention, all members of the company Fire Prevention Teams completed the qualification, passing the technical tests.

Accident analysis

In 2013, the number of accidents and consequent days of absence did not increase significantly in terms of frequency or gravity; the only exception concerned commuter accidents i.e. those which workers suffer in the course of the normal journey to their workplace.

Performance of Discontinued Operation Business Units

Infrastructure Management

As previously stated, as part of the strategy review carried out during the year, SAVE Group management decided to exit the Infrastructure Management sector through a process which involves the sale of the investment in Centostazioni S.p.A., a company in which the SAVE Group has a 40% stake and which is jointly controlled under a governance agreement with the Ferrovie dello Stato Group. Following this decision, in the present document the SAVE Group share (40%) in the financial statements of Centostazioni was classified as Assets held-for-sale, in accordance with IFRS 5. This presentation resulted in: - for 2013 and, for comparative purposes for 2012, the re-classification of the cost and revenue accounts concerning Discontinued Operations to “Profit/(loss) of Discontinued Operations” of the Income Statement; - the reclassification of the related current and non-current assets at December 31, 2013 to the account “Assets held-for-sale” of the Balance Sheet; - the reclassification of the liabilities (excluding shareholders’ equity) relating to the “Assets held- for-sale” at December 31, 2013 to the account “Liabilities related to assets held-for-sale” of the Balance Sheet. The Continuing and Discontinued Operations are presented in the Income Statement and Balance Sheet accounts without considering inter-company eliminations. This choice was made in order to provide a more representative picture of the capital and financial position and of the results, as the principal commercial transactions with companies subject to disposal will continue also in the coming year, remaining therefore within the scope of continuing operations. In any case, in order to provide continuity of operating disclosure also in relation to this Group division, we report below the operating highlights of Centostazioni. Despite continued economic difficulties, impacting the maintenance and consolidation of prior year results, the activities concerning the commercial optimisation of station assets through both the generation of income from commercial areas and the sale of traditional advertising spaces (Billboards), and through innovative means (video communications, engagements, event organisation etc.), concentrated on the renewal of contracts concluding in the previous year, the replacement of commercial partners, the signing of new rental contracts and the containment of rental reduction requests based on the unsustainability of the rents paid. This resulted in third party revenue growth of 4.4%, which more than offset the drop in advertising revenues (-11.5%) impacted by the contraction in overall advertising market expenditure of 12.5% (source: Nielsen). Centostazioni revenues however increased approx. Euro 2 million (+2.6%) on 2012 to approx. Euro 80.9 million. EBITDA of Euro 17.8 million reduced slightly on Euro 18.2 million in 2012, against higher overhead costs, due in part to the refocusing on the commercial development of managed infrastructure, absorbing the increased revenues.

Food & Beverage And Retail – Airest Group

The Airest Group Profile and market

As previously stated, on September 19, 2013 SAVE announced the signing with Lagardère Services S.A., a Lagardère Group company, of a significant agreement relating to the management of Airest S.p.A. and of the wider Group operating in the fast food and airport travel retail sector. In particular, the agreement between the parties comprises two phases: - initially SAVE transfers an initial holding of 50% of the share capital of Airest to the Lagardère Group, ceding to the latter, based on governance agreements, control of the company; - a second reorganisation phase of Airest Group, in which all Italian and international activities, with the exception of those concerning the Venice and Treviso Airports, are transferred to a Newco. Following the reorganisation, both Airest and the Newco will be held equally by SAVE and Lagardère Service. At the conclusion of this phase, the agreement provides for a Put and Call option in relation to the Newco (which may be exercised until December 31, 2016) on the share held by SAVE. The exercise price will be calculated according to the initial sale price and subject to an adjustment mechanism. In relation to Airest, the partnership between SAVE and Lagardère Services will remain in place, ensuring operations at the Venice -Treviso airport system over the long term. As previously outlined therefore, for the preparation of the present document, the Italian and international assets within the Food & Beverage and Retail Business Unit were presented as “Assets held-for-sale” as per IFRS 5. In any case, in order to provide continuity of operating disclosure also in relation to this Group division, we report below the operating highlights of the business unit.

The Airest Group at December 31, 2013 had a presence in 11 countries in Europe and Asia, including Russia, China, the United Arab Emirates, Singapore and the USA, managing, as summarised in the table below, 183 sales point directly, of which 155 within the fast food business (95 in airports, 19 in motorways, 11 in railway stations and 30 in shopping centres and other urban locations) and 28 airport travel retail outlets. The fast food segment includes also 5 franchised sales points. 30 indirectly managed sales points within the travel retail segment are added to the direct sales points.

Number of sales points at 31/12/2013 United Arab Italy Europe Russia China Singapore USA Total Emirates

Airports 39 50 - 3 2 1 - 95 Railway Stations 10 1 - - - - - 11 Motorways 19 ------19 Shopping Centres and other 19 2 - 6 3 - - 30 Total Fast Food 87 53 - 9 5 1 - 155 Airports 22 1 4 - - - 1 28 Total Travel Retail direct sales points 22 1 4 - - - 1 28 Airports 17 13 - - - - - 30 Total Travel Retail indirect sales points 17 13 - - - - - 30 126 67 4 9 5 1 1 213 Total Group sales points

Since December 31 2012, 21 new openings in Italy and overseas took place, of which 9 in the fast food business and 12 in travel retail (9 direct sales points and 3 indirect). Among the fast food openings we highlight the first "Rustichelli & Mangione" brand sales point at Frankfurt Railway Station in Germany managed under a franchising agreement and the first “De Canto” in Shanghai, also under franchising.

Four openings took place in the fourth quarter of 2013, of which 2 in the fast food and 2 in the travel retail segment.

In 2013, 23 sales points were closed or sold - 17 fast food, and 6 travel retail. In particular, for the fast food segment a sales point restructuring plan was introduced, resulting in the closure or sale of loss making sales points and those no longer considered strategic.

Although in 2013 the economic environment was particularly challenging, as was the case in the preceding year, particularly in Italy, Airest Group operating revenues improved overall in terms of a number of key indicators, including revenues and EBITDA, thanks to the strategic choices undertaken in previous years, such as the targeted growth of the fast food segment abroad and the reorganisation of the travel retail segment.

The Airest Group result in 2013, reporting reduced EBIT and improved EBITDA, was particularly impacted by the poor performance of the Italian fast food segment, while the overseas fast food and travel retail margins improved significantly, offsetting the contraction in Italian fast food EBITDA. It is highlighted that the proportion of this latter business line is contracting in terms of consolidated EBITDA (45% of the Group's EBITDA in 2013 compared to 65% in 2012).

The fast food EBITDA overall contracted 3.6%: the drop in Italian margins was significant (-26.8%) compared to 2012, while the overseas result substantially improved (+50.4%), thanks to significant growth on foreign markets, particularly the Czech Republic, Slovenia and the United Arab Emirates (this latter not consolidated at income statement level in 2012). The travel retail segment contributed significantly to Group results, following the acquisition of full control of the Airest Collezioni Group, enabling on the one hand improved operating control and on the other the streamlining of costs.

Specifically, the contraction in the fast food result in Italy was due in part to extraordinary items as the 2012 result benefited from a number of one-off revenues related to contractual renegotiations and contributions from specific motorway network critical areas. In addition to these extraordinary items, at operating level the margin reduced due to the relative increase of a number of accounts such as royalties and other operating charges such as utilities and cleaning, only in part offset by personnel cost savings. Revenues however were substantially stable compared to 2012, excluding the extraordinary items and duty free products, as was the commercial margin. In 2013, Airest also introduced a cost streamlining plan, with consequent personnel cost and sales point savings, through the closure of loss making and non-strategic sales points, whose benefits were partially apparent during the year and will be fully apparent in 2014.

The fast food segment overseas improved significantly on 2012, thanks to the improved results in the Czech Republic and the full consolidation of the results of Airest Restaurant Middle which, thanks to the undertaking of full control by Airest, reported a significant improvement in operating results. The losses in China contracted, while Austria reported a reduced operating margin due to a number of non-recurring operating costs in the year.

The travel retail segment reports a significantly improved performance, both in Italy and abroad, thanks to the increase in revenues and the commercial margin, principally due to new openings and overhead cost streamlining actions following the acquisition of full control of the Airest Collezioni Group. The management of indirect sales points posted a net profit for the first time. The losses during the initial start-up months of the US Company Airest Collezioni US-1 Llc impacted negatively however, with the new sales points opened at Pittsburgh Airport still in the start-up phase.

At consolidated level, Airest Group revenues in 2013 totalled Euro 216.3 million, improving 9.5% (+ Euro 18.8 million) compared to 2012. At like-for-like consolidation scope, Group revenues reported a slight increase of 0.4% (up Euro 0.8 million), due to the strong performance of the fast food segment overseas and of the travel retail segment in Italy, which offset the contraction in fast food revenues in Italy, due to lower extraordinary revenues and a reduction in sales of duty free products.

The EBITDA of Euro 12.9 million in 2013 improved Euro 0.8 million on 2012 (+6.7%) - stable however at like-for-like consolidation scope with Euro 12 million. The improvement in the margin is entirely attributable to the overseas fast food segment, which increased EBITDA Euro 1.7 million, thanks to the full consolidation of the company operating in the United Arab Emirates and the growth of margins in the Czech Republic and in Slovenia, in addition to the travel retail segment results, with EBITDA improving from Euro 0.9 million in 2012 to Euro 2.1 million in 2013. The fast food segment result contracted however in Italy, with EBITDA of Euro 5.7 million, reducing Euro 2.1 million compared to 2012.

Performance of the Parent Company

Parent Company Financial Highlights

(in Euro millions) 2013 2012 (*) Cge. % Revenues 120.0 107.9 11.2% EBITDA* 50.5 43.9 15.1% EBIT** 39.4 33.5 17.5% Gross profit 50.6 34.1 48.4% Net profit 37.1 23.6 57.2% Fixed capital employed 238.0 254.5 -6.5% Net working capital (19.6) (9.3) 109.9% Net capital employed*** 218.3 245.2 -10.9%

SHAREHOLDERS' EQUITY 156.0 250.6 -37.8%

NET FINANCIAL POSITION (87.5) 5.4 n.a. EBIT/Revenues (ROS) 32.8% 31% EBIT/Net capital employed (ROI) n.a. 13.7% NFP/Net equity - Gearing 0.56 (0.02)

(*) Figures restated in retrospective application of IAS 19 - Employee Benefits *“EBITDA” measures the result before amortisation, depreciation, provisions for risks and the replacement provision, write-downs, financial income and charges, taxes and non-recurring operations. ** “EBIT” measures the result excluding financial income and charges, income taxes and non-recurring operations. *** “Net capital employed” measures the sum of “Net working capital” (sum of inventory, trade receivables, tax and social security receivables and payables, other assets and liabilities and trade payables) and fixed assets, net of the Post- Employment benefit provision and risks provisions.

Parent Company Operating Results

We present below the reclassified income statement of SAVE S.p.A.

€/000 2013 2012(*) CHANGE Operating revenues and other income 119,975 100.0% 107,940 100.0% 12,035 11.1% Raw materials and goods 1,248 1.0% 1,018 0.9% 230 22.6% Services 36,235 30.2% 35,796 33.2% 439 1.2% Lease and rental costs 7,037 5.9% 3,387 3.1% 3,650 107.8% Personnel costs 23,785 19.8% 22,788 21.1% 997 4.4% Other operating charges 1,156 1.0% 1,011 0.9% 145 14.3% Total operating costs 69,461 57.9% 64,000 59.3% 5,461 8.5% EBITDA 50,514 42.1% 43,940 40.7% 6,574 15.0% Amortisation 5,356 4.5% 5,232 4.8% 124 2.4% Depreciation 2,796 2.3% 2,571 2.4% 225 8.8% Losses and doubtful debt provision 0 0.0% 0 0.0% 0 0.0% Provisions for risks and replacement provision 2,988 2.5% 2,631 2.4% 357 13.6% Total amortisation, depreciation and provisions 11,140 9.3% 10,434 9.7% 706 6.8% EBIT 39,374 32.8% 33,506 31.0% 5,868 17.5% Financial income/(charges) 11,229 9.4% 591 0.5% 10,638 1800.0% Profit before taxes 50,603 42.2% 34,097 31.6% 16,506 48.4% Income tax 13,492 11.2% 10,478 9.7% 3,014 28.8% Net Profit 37,111 30.9% 23,619 21.9% 13,492 57.1%

(*) Data restated following retrospective application of the amendment to IAS 19 - Employee Benefits.

The Parent Company reports operating revenues and other income of approx. Euro 120 million compared to Euro 108 million in 2012. The growth of 11.1% particularly stems from aviation revenues, due particularly to the application of the new tariffs under the Regulatory Agreement, which entered into force in March 2013, and improved passenger traffic numbers (+2.6%). Non-Aviation revenues reported greater percentage growth than passengers, thanks to the strong commercial (+5.7%) and advertising management (+16%) performances. The breakdown is as follows:

€/000 2013 % 2012 % Change Change % Aviation fees & tariffs 78,569 65.5% 67,003 62.1% 11,566 17.3% Cargo Handling Depot 3,101 2.6% 3,140 2.9% (39) -1.2% Handling 762 0.6% 704 0.7% 58 8.2% Aviation revenue 82,432 68.7% 70,847 65.6% 11,585 16.4% Ticketing 87 0.1% 133 0.1% (46) -34.6% Parking 0 0.0% 0 0.0% 0 0.0% Advertising 1,738 1.4% 1,498 1.4% 240 16.0% Commercial 28,808 24.0% 27,250 25.3% 1,558 5.7% Non-Aviation revenue 30,633 25.5% 28,881 26.8% 1,752 6.1% Other income 6,910 5.8% 8,212 7.6% (1,302) -15.9% Total Revenues 119,975 100.0% 107,940 100.0% 12,035 11.1%

The EBITDA of Euro 50.5 million improved 15% compared to Euro 43.9 million in 2012. This result benefited from the application of the new airport tariffs, partially absorbed by the related increase in the airport concession fee and of personnel costs, related to the provision made against contractual renewals and the expanded workforce to handle the increased traffic. 45

EBIT of Euro 39.4 million increased 17.5% compared to Euro 33.5 million in 2012, due to the improved gross result, partially absorbed by increased amortisation, depreciation and provisions due to the prudent allocations made against disputes in progress.

Profit before tax amounted to Euro 50.6 million, benefiting from net financial income of Euro 11.2 million, including the receipt of dividends from subsidiaries of Euro 11 million.

The net profit of Euro 37.1 million grew 57.1% compared to Euro 23.6 million in 2012.

Parent Company Reclassified Balance Sheet

€/000 Dec. 31, 13 Dec. 31, 12 Change Change % Property, plant & equipment 11,262 9,918 1,344 13.6% Airport concession rights 142,994 134,343 8,651 6.4% Financial fixed assets 107,313 132,128 (24,815) -18.8% Deferred tax assets 8,737 9,522 (785) -8.2% TOTAL FIXED ASSETS 270,306 285,911 (15,605) -5.5% Post-employment benefits (2,618) (2,439) (179) 7.3% Provision for liabilities and deferred taxes (29,716) (28,961) (755) 2.6% FIXED CAPITAL EMPLOYED 237,972 254,511 (16,539) -6.5% Inventories 1,008 1,012 (4) -0.4% Trade receivables 17,021 18,636 (1,615) -8.7% Tax assets and deferred taxes 4,218 3,634 584 16.1% Other receivables and other current assets 19,462 21,715 (2,253) -10.4% Trade payables and advances (20,894) (20,144) (750) 3.7% Tax payables (1,114) (858) (256) 29.8% Payables to social security institutions (1,852) (1,725) (127) 7.4% Other payables (37,469) (31,617) (5,852) 18.5% TOTAL NET WORKING CAPITAL (19,620) (9,347) (10,273) 109.9% NET WORKING CAPITAL - 25,140 0 25,140 0.0% DISCONTINUED OPERATIONS TOTAL CAPITAL EMPLOYED 218,352 245,164 (26,812) -10.9% SHAREHOLDERS' EQUITY 155,976 250,601 (94,625) -37.8% Cash and current assets (13,862) (49,004) 35,142 -71.7% Current bank payables 108,386 16,092 92,294 573.5% Non-current bank payables 32,100 40,935 (8,835) -21.6% Other lenders 45 92 (47) -51.1% Financial receivables from group companies (47,141) (94,415) 47,274 -50.1% Financial payables to group companies 7,988 14,260 (6,272) -44.0% TOTAL NET FINANCIAL POSITION 87,516 (72,040) 159,556 n.a. TOTAL FINANCIAL SOURCES 243,492 178,561 64,931 36.4%

Fixed capital employed reduced Euro 16.5 million due to the reclassification to assets held-for- sale of the investment in Airest S.p.A. for its book value of Euro 25.1 million. Excluding this reclassification, tangible and intangible fixed assets increased by approx. Euro 10 million following investments made in the year.

Net working capital was negative for Euro 19.6 million, benefiting from reduced trade receivables and the increase of the other payables account, following the increase in the concession fee payable, whose second installment was paid in January 2014. Shareholders' equity of approx. Euro 156 million reduced approx. Euro 95 million due to the distribution of dividends in the year totalling Euro 123 million.

€/000 Dec. 31, 13 Dec. 31, 12 Cash and cash equivalents 13,694 48,908 ** Financial assets 168 96 Financial receivables from group companies 47,141 27,812 Current assets 61,003 76,816 * Bank payables 108,386 16,092 ** Other financial liabilities - current portion 45 92 Financial payables to group companies 7,988 14,260 Current liabilities 116,419 30,444 ** Bank payables less current portion 32,100 40,935 Non-current liabilities 32,100 40,935 Net financial position (87,516) 5,437 * of which net liabilities for derivative contracts carried at fair value 45 92 ** Total gross payables to banks 140,486 57,027

The net financial position with banks and other lenders, including financial receivables and payables with Group companies, of which Euro 41.9 million with Group companies held-for- sale, was a debt position of Euro 87.5 million compared to a cash position of Euro 5.4 million at the end of the previous year. As outlined in the other sections of the present document, by the date scheduled for the approval of the present financial statements by the Shareholders' AGM, the initial phase of the agreement signed with the Lagardere Group for the sale of the first 50% of the subsidiary Airest S.p.A. will conclude; this phase establishes also for the total repayment of loans with the Airest Group, which at December 31, 2013 totalled approx. Euro 42 million.

Reconciliation of net equity and the net result

Under Consob Communication No. DEM/6064293 of 28.07.2006, we report below the reconciliation between the net equity and the net result of the Parent Company SAVE S.p.A. and the corresponding figures reported in the consolidated financial statements of the SAVE Group.

Net equity Result for Net equity €/000 Dec 31, 13 year Dec 31, 12 SAVE S.p.A. financial statements (Parent Company) 250,602 37,111 155,974 Derecognition of the value of consolidated equity investments 61,972 (1,101) 47,920 Derecognition of profits earned on sale of assets and intra-group equity investments 369 (31) 338 Derecognition of dividends (12,720) Effect of equity investments carried at equity 8,111 1,408 9,529 Other transactions 147 44 188 Tax effects on consolidation adjustments (507) 44 (463) Net equity and profit pertaining to the Group 320,694 24,754 213,486 Minority interest 26,683 1,089 29,389 Net equity and result for the year of the consolidated financial statements 347,377 25,843 242,875

Management and co-ordination activities

SAVE is not subject to the direction and co-ordination of any other party or entity. Following the communication of Finanziaria Internazionale Holding S.p.A. concerning the de facto control of SAVE sent to the Anti-trust Authority and to SAVE in July 2011, this latter carried out the required verifications in accordance with Article 2497 and subsequent of the Civil Code and declared that the Parent Company has never imposed on the subsidiary market strategies or instructed upon the handling of relations with public and private institutions on behalf of the Parent Company, declaring that the Company and its Board operates with full independence in the definition of the strategic, industrial, and financial plans, the examination and approval of its financial and borrowing policies, in addition to the evaluation of the adequacy of its organisational, administrative, and accounting structure. Therefore, considering also that no close link or complementarity exists between the economic activities of SAVE and those of Finanziaria Internazionale Holding S.p.A., nor instrumentality in the pursuit of a common interest within the operating programmes of the companies, SAVE considers that no de facto direction and co- ordination by Finanziaria Internazionale Holding S.p.A. of the Company exists in accordance with Articles 2497 and subsequent of the Civil Code.

Type of financial risks and management

The Group strategy for the management of financial risks is based on the Company objectives and focuses on the minimisation of interest rate risk and the relative optimisation of the cost of debt, the credit risk and the liquidity risk. The management of these risks is undertaken in compliance with the principles of prudence and market best practices, with all risk management operations managed centrally.

Interest rate risk

The pre-fixed Group objectives concern:

hedging of the interest rate risk on financial liabilities;

compliance with, in the hedging of risk, the general balance criteria between loans and usages for the Group (variable rate and fixed rate portion, short-term and medium/long-term portion). The Group holds derivative instruments in order to hedge the exposure to interest rate risk for approx 4.1% of the value of Group loans, excluding discontinued operations (cash flow hedges).

Credit risk

This concerns the risk that either of the parties undertaking a contract, which provides for deferred settlement over a period, does not fulfill a payment obligation, resulting therefore in a financial loss for the other party. This risk may therefore give rise to more strictly technical-commercial or administrative-legal repercussions (disputes on the nature/quantity of supply, on the interpretation of the contractual clauses, on the supporting invoices etc.), in addition to issues of a typically financial nature, i.e. the credit standing of the counterparty. For the Group, exposure to credit risk is principally related to the commercial activities concerning the sale of aviation services and property activities. In order to control this risk, the Group has implemented procedures and actions under which the customers may be evaluated according to the assigned level of attention.

The credit risk concerning other financial assets of the Group, which comprise cash and cash equivalents, presents a maximum value equal to the book value of these activities in the case of insolvency of the counterparty.

Liquidity risk

The liquidity risk management policy, i.e. the strategy put in place to avoid cash flow difficulties constituting a problem for the Group is considered prudent. The minimal objective is to ensure at all times access for the company to the funding necessary to repay debt maturing in the coming 12 months. Unutilised bank credit lines (including both cash and endorsement credit commitments) at December 31, 2013 of the Parent company totalled Euro 66 million, while at Group level totalling Euro 67 million; in view of the extraordinary operations currently being carried out and the new credit lines approved in 2014, amounting to Euro 183 million, these are considered sufficient to meet the committments in place. The Group is assured of long-term funding, principally through medium/long-term loans, also related to individual acquisition operations. The portion of loans, measured at amortised cost, with maturity of greater than one year, including leases and assets held-for-sale, amounts to Euro 68.1 million compared to a net debt of Euro -191.2 million.

For the breakdown of the medium/long-term loans in place at December 31, 2013, reference should be made to the notes to the consolidated financial statements and the paragraph “Bank payables less current portion”.

Other principal risks and uncertainties to which SAVE S.p.A. and the Group are exposed

Risks associated with economic conditions

The economic and financial situation of the Group is affected by various factors related to the general economic environment (including the increase or the decrease of GDP, the level of consumer and business confidence, interest rates for consumer credit, the cost of raw materials and the unemployment rate) in the various countries in which the Group operates. The present report contains a number of forward looking statements. These statements are based on current Group expectations and projections concerning future events, including the general conditions of the economy described above, subject to an intrinsic degree of risk and uncertainty and, by their nature, outside of the Group's control.

Risks deriving from a reduction in the number of passengers or the quantity of cargo transported through airports managed by the Group

The volume of passenger traffic and cargo in transit at the SAVE Group managed airports represents a key factor in the results achieved by the Group. In particular, any reduction or interruption to flights by one or more airlines (particularly those operating at the airports managed by the SAVE Group), also as a result of the continued economic - financial difficulties of such airlines, the stoppage or alteration to connections with destinations with a particularly high level of passenger numbers, the discontinuation or alteration of airline alliances or the occurrence of events which may impact upon the general quality perception of users, of services provided at the airports managed by the SAVE Group (due, for example, to a reduction in service quality standards provided by the handling companies operating at the airports, or the interruption to the activities exercised), in addition to the occurrence of unforeseeable natural

events, may result in a decrease in traffic, with a consequent impact on the activities and the results of the Group. The Group however, based on past experience, considers that - although no certainty may be assured - the risk of a reduction or suspension of flights by one or more airlines operating out of the airports managed by the SAVE Group does not pose a significant threat, also in consideration of the redistribution of passengers among airlines present on the market and the capacity of the SAVE Group to attract new airlines to the airports managed by the Group. However, such redistribution of traffic may require a certain period of time and may temporarily affect traffic volumes.

Risks deriving from a reduction in the number of passengers at other transport infrastructure where the Group operates

The volume of passenger traffic and cargo at the Railway stations where the Group is present, or in motorway traffic volumes, are key factors in the results achieved by the Group. The extensive network of sales points however contains this risk, due to the diversification among a number of transport infrastructure.

Risks related to Group results

All general economic events, such as a significant contraction in one of the main markets, the volatility of the financial markets and the consequent deterioration of the capital markets, an increase in commodity prices, unfavorable movements in specific sector variables such as interest rates, susceptible to causing impacts in the sector in which the Group operates, may significantly impact the Group outlook, in addition to the results and financial position. The profitability of the activities of the Group is also subject to risks related to interest rate and inflation fluctuations, the solvency of the counterparties, as well as the general economic conditions of the countries in which these activities are undertaken.

Risks connected with the importance of certain key figures

The success of the SAVE Group depends on a number of key figures who have contributed significantly to the Group’s development. The Group considers that it has in place an adequate operational and managerial structure to ensure continuity of general and operational management. However, in the case where such key figures discontinued their working relationship with the SAVE Group, there is no guarantee that a suitable replacement may be found in such a time period so as to ensure the same contribution in the short-term, with consequent possible implications for the SAVE Group.

Risks concerning the regulatory framework

The SAVE Group, through the Airport Management business unit, operates within a sector governed by an extensive domestic and international regulatory framework. Any change to the regulatory framework (and in particular any changes in relations with the state, public bodies and sector authorities, the determination of airport fees and the amount of concession fees, the airport tariff system, the allocation of slots, environmental protection and noise pollution) may impact operations and Company and Group results. For greater details on the principal amendments to the regulatory framework and sector developments, reference should be made to the dedicated paragraph of the Directors’ Report.

Treasury shares or parent company shares in portfolio

In accordance with Article 2428, paragraphs 2, 3 and 4 of the Civil Code, it is communicated that the Company and the Group hold at December 31, 2013, directly through SAVE S.p.A., 3,371,743 treasury shares. The nominal value of shares held amounts to Euro 2.2 million (6.093% of the share capital); the book value is Euro 21.176 million. These purchases were carried under the market practice concerning the creation of the so-called “securities reserve" in order to allow for the utilisation of such acquired treasury shares, in line with the relative Shareholders’ AGM motion, in extraordinary operations, also for share swaps with other parties within operations in the interest of the Company. In 2013, SAVE S.p.A. purchased 696,589 treasury shares for a nominal value of Euro 452,783 thousand, comprising 1.259% of the share capital for a total amount of Euro 8.649 million.

Shares held by Directors and Statutory Auditors

Based on the legally required communications, the Directors and Statutory Auditors of SAVE S.p.A. directly and/or indirectly holding shares at December 31, 2013 were: Directors: . Enrico Marchi (Chairman of the Board of Directors): 541,266 shares.

Corporate Governance

The SAVE Group complies with the Self-Governance Code for Italian listed companies, published in March 2006 and subsequently amended, and promoted by Borsa Italiana S.p.A.. The Company, as required by applicable regulations, has prepared the “Corporate governance and ownership structure report” which contains a general description of the corporate governance system adopted and discloses information on the shareholder structure and compliance with the Self-Governance Code. This document also describes the governance practices applied and the principal features of the risk management and internal control system. The document, approved by the Board of Directors and published jointly with the Directors’ Report is attached to the present financial statements; it may also be viewed on the Company website (www.grupposave.it) in the section “Investor relation/Shareholders’ Meetings”. The Self- Governance Code is available on the website of Borsa Italiana S.p.A.: www.borsaitaliana.it.

Management and control model in accordance with Legs. Decree 231/2001

The Organisation, Management and Control Model as per Legislative Decree 231/2001 of the Company was first adopted by the Board of Directors of SAVE on June 30, 2009; the Board subsequently approved updates on July 29, 2011 and May 17, 2013. The current Supervisory Board of SAVE was appointed by the Board of Directors on May 15, 2012 and subsequently supplemented by the Board of Directors on April 11, 2013 and currently comprises an external member, the Chairman of the Board of Statutory Auditors and the Internal Audit Manager.

The Supervisory Board was appointed in particular, in line with Legislative Decree 231/2001, to oversee the operation and compliance of the Model, ensuring its continuous updating and that all parties receive and are aware of the model, also through training activities. The 231 Model of the Company has identified activities considered sensitive in terms of the risk of the committal of offenses covered by the regulation and documents the control procedures concerning operations and decision making processes of the company, in order to ensure the prevention of such offenses. 52

The 231 Model of the Company includes the Ethics and Conduct Code, adopted in previous years and updated latterly in May 2013, in which the values and principles which govern company activities and relations with employees, collaborators, clients, suppliers, shareholders, institutions and all other stakeholders are outlined, in addition to the principal means for the implementation and application of such principles and values.

Inter-company and other related party transactions

Reference should be made to the specific paragraph of the Explanatory Notes to the consolidated financial statements for information concerning transactions undertaken during the year with subsidiaries, associated companies and related parties.

Allocation of the result for the year

The Board of Directors proposes to Shareholders the distribution of a dividend totalling Euro 27,000,000, entirely from the Parent Company net profit, amounting to Euro 0.48789 for each share with profit rights, excluding therefore treasury shares held by the Company in compliance with Article 2357-ter, paragraph 2 of the Civil Code and whose dividend will proportionally increase that of the other shares.

Dear Shareholders,

we trust that you will be in agreement with the criteria for the preparation of the financial statements for the year ended December 31, 2013 and we invite you to approve them.

The Chairman of the Board of Directors Mr. Enrico Marchi

2013 Consolidated Financial Statements

Consolidated Balance Sheet Consolidated Income Statement Consolidated Comprehensive Income Statement Consolidated Cash Flow Statement Statement of changes in Consolidated Shareholders’ Equity

Consolidated Balance Sheet

Assets (Euro thousands) Note 31/12/2013 31/12/2012 (*) Cash and cash equivalents 1 15,552 58,968 Other financial assets 2 42,147 2,319 related parties 2 41,979 398 Tax assets 3 4,315 4,325 Other receivables 4 19,586 20,242 related parties 4 14,708 1,469 Trade receivables 5-31 22,266 37,933 related parties 5-31 1,611 Inventories 6 1,225 13,694 Total current assets 105,091 137,481 Assets held-for-sale 38 279,382 310 Property, plant & equipment 7 53,995 117,841 Airport concessions rights 8 183,993 176,564 Concessions 8 78,717 Other intangible fixed assets with finite useful life 8 1,764 5,293 Goodwill - other intangible fixed assets with indefinite useful life 8 6,977 62,011 Equity investments in assoicates carried at equity 9 26,250 24,498 Other equity investments 9 1,049 1,185 Other assets 10 3,853 9,300 related parties 10 584 Deferred tax assets 11 27,973 47,108 Total non-current assets 305,854 522,517 TOTAL ASSETS 690,327 660,308

Liabilities (Euro thousands) note 31/12/2013 31/12/2012 (*) Trade payables 12 27,324 71,509 of which related parties 12 141 166 Other payables 13 37,200 42,155 of which related parties 13 5,511 2,558 Tax payables 14 1,533 2,838 Social security institutions 15 2,986 6,001 Bank payables 16 112,142 52,139 Other current financial liabilities 17 1,914 1,660 of which related parties 17 1,796 649 Total current liabilities 183,099 176,302 Liabilities related to assets held-for-sale 38 179,487 285 Other payables 18 292 Bank payables less current portion 19 46,029 86,612 Other lenders less current portion 20 183 3,082 Deferred tax liabilities 21 11,781 16,595 Post-employment benefits and other employee provisions 22 3,812 7,134 Other provisions for risks and charges 23-33-34 23,061 22,629 Total non-current liabilities 84,866 136,344 TOTAL LIABILITIES 447,452 312,931

Shareholders’ equity (Euro thousands) note 31/12/2013 31/12/2012 (*) Share capital 24 35,971 35,971 Share premium reserve 24 57,851 130,351 Legal reserve 24 7,194 7,194 Reserve for treasury shares in portfolio 24 (27,176) (18,527) Other reserves and retained earnings 24 114,892 133,730 Net Profit 24 24,754 31,975 Total Group Shareholders' Equity 213,486 320,694 Shareholders’ equity – minority interest 24 29,389 26,683 TOTAL SHAREHOLDERS’ EQUITY 24 242,875 347,377 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 690,327 660,308 (*) Figures restated in retrospective application of IAS 19 - Employee Benefits 55

Consolidated Income Statement 2013 2012 (*) (Euro thousands) Note Operating revenues 25 137,156 125,535 Other income 25 8,314 7,988 Total operating revenues and other income 145,470 133,523 Costs of production Raw and ancillary materials, consumables and goods 26 2,000 2,117 Services 27 33,844 33,418 Lease and rental costs 28 8,144 4,780 Personnel costs: Wages and salaries and social security charges 29 39,024 37,012 Post-employment benefits 29 1,919 1,854 Other costs 29 471 255 Depreciation, amortisation and write-downs Amortisation 30 6,649 7,341 Depreciation 30 3,933 3,743 Write-downs of current assets 31-5 113 40 Change in inventories of raw and ancillary materials, consumables and goods 32 96 (258) Provisions for risks 33-23 892 483 Replacement provision 34-23 3,018 2,420 Other charges 35 1,445 1,350 Total costs of production 101,548 94,555

EBIT 43,922 38,968 Financial income and write-back of financial assets 36 3,195 3,775 Interest, other financial charges and write-down of financial assets 36 (3,190) (2,043) Profit/losses on associates carried at equity 36 3,768 4,107 3,773 5,839

Profit before taxes 47,695 44,807

Income taxes 37 15,313 12,224 current 14,543 12,706 deferred 770 (483) Profit on continuing operations 32,382 32,583 Net profit (loss) on discontinued operations 38 (6,539) 951 Net Profit 25,843 33,534 Minority interest 1,089 1,559 Group Net Profit 24,754 31,975 Earnings per share - Not diluted 0.473 0.607 - Diluted 0.473 0.607 Earnings per share excluding discontinued operations - Not diluted 0.598 0.589 - Diluted 0.598 0.589 (*) Figures restated in retrospective application of IAS 19 - Employee Benefits

Consolidated Comprehensive Income Statement

(€/000) Note 2013 2012 (*) Net Profit for the year 25,843 33,534

Continuing Operations Differences from conversion of financial statements of non-Euro companies 24 Other comprehensive income/(expenses) 24 (617) 867

Total Gains/(Losses) on other comprehensive income statement items which may be reclassified to the income statement (617) 867

Actuarial gains/(losses) of employee defined plans 22 (267) (85)

Total Gains/(Losses) on other comprehensive income statement items which may not be reclassified to the income statement (267) (85)

Discontinued operations Gains/Losses from discontinued operations 38 (811) (83)

Total comprehensive income 24,148 34,233 Minority comprehensive income 1,063 1,559 Total comprehensive income pertaining to the Group 23,085 32,675 (*) Figures restated in retrospective application of IAS 19 - Employee Benefits

Consolidated Cash Flow Statement

December December (€/000) 2013 2012 (*)

Operating activities Profit on continuing operations 31,293 31,023 Profit on discontinued operations (6,539) 951 - Amortisation and depreciation 26,700 24,684 - Net changes in post-employment benefit provisions (100) (49) - Net changes in provisions for risks and charges 3,596 1,679 - (Gain)/losses on disposal of assets 501 (2) - (Income) from tax exemption of intangible fixed assets (2,246) - (Write-back) Write-down of fixed assets 2,306 - (Gain)/Loss on investments, securities and other financial items (540) (1,657) - Valuation of investments under the equity method (1,752) (1,463) - Change in deferred taxes 1,274 (3,571) Sub-total self-financing (A) 56,739 49,349 Decrease (increase) in trade receivables 4,593 (158) Decrease (increase) in other current assets 1,624 (2,270) Decrease (increase) in tax assets/liabilities (322) (4,534) Increase/(Decrease) in trade payables (8,068) (10,819) Increase (decrease) in social security payables 1 312 Increase (decrease) in other liabilities 5,313 8,009 Sub-total (B) 3,141 (9,459) CASH FLOW FROM OPERATING ACTIVITIES (A + B) = ( C ) 59,880 39,890

Investing activities (Acquisition) of property, plant & equipment (19,814) (17,093) Divestments of property, plant & equipment 231 474 (Acquisition) of intangible fixed assets (18,628) (7,436) Divestments of intangible fixed assets 289 663 Decrease in financial fixed assets 3,626 (Increase) in financial fixed assets (28) (168) Acquisition of minority interest in sudsidiaries (3,000) CASH FLOW FROM INVESTING ACTIVITIES (D) (40,950) (19,935)

Financing activities New loans from other lenders 1,364 473 (Repayment) to other lenders (818) (640) (Repayment) and other changes in loans (47,067) (20,863) New loans proceeds 120,000 63,779 (Increase)/Decrease in financial assets 1,982 229 Dividends paid (123,000) (21,000) Increase in capital from minorities in subsidiaries 3,000 0 Purchase of treasury shares (8,649) Change in net debt arising from change in consolidation scope 652 (2,662) Other (213) (253) CASH FLOW FROM FINANCING ACTIVITIES (E) (52,749) 19,063 NET CASH FLOW FOR THE YEAR (C+D+E) (33,820) 39,019

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 43,447 4,428 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 9,627 43,447 Additional information: Interest paid 4,116 3,031 Taxes paid 14,597 21,014

(*) Data restated following retrospective application of IAS 19 – Employee benefits

STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

Refer to Note 24

Legalreserve premium Share reserve shares Treasury reserve reserves Other Translation reserve Revaluation reserve Consolidation reserve Retained earnings equity net Group interest Minority Equity Net Total (Euro thousands) capital Share Balance at January 1, 2012 35,971 7,194 130,351 (18,527) 45,112 (111) 512 20,385 88,132 309,021 25,146 334,167 Result of separate income statement 31,975 31,975 1,559 33,534 Other comprehensive profits / losses 56 867 922 922 Other changes (222) (222) (222) Result of comprehensive income statement 56 32,620 32,675 1,559 34,233 Dividends distributed (21,000) (21,000) (21,000) Other changes (2) (22) (24) Treasury shares acquired 0 0

Balance at December 31, 2012 (*) 35,971 7,194 130,351 (18,527) 45,112 (55) 512 20,385 99,752 320,694 26,683 347,377

Legalreserve premium Share reserve shares Treasury reserve reserves Other Translation reserve Revaluation reserve Consolidation reserve Retained earnings equity net Group interest Minority Equity Net Total (Euro thousands) capital Share Balance at January 1, 2013 35,971 7,194 130,351 (18,527) 45,112 (55) 512 20,385 99,752 320,694 26,683 347,377 Result of separate income statement 24,754 24,754 1,089 25,843 Other comprehensive profits / losses (619) (1,050) (1,669) (26) (1,695) Other changes 0 Result of comprehensive income statement (619) 23,704 23,085 1,063 24,148 Dividends distributed (123,000) (123,000) (123,000) Purchase minority interest in subsidiaries 1,356 1,356 (1,356) Capital increase minority interest in subsidiaries 3,000 2,999 Treasury shares acquired (8,649) (8,649) (8,649) Balance at December 31, 2013 35,971 7,194 130,351 (27,176) 45,112 (674) 512 20,385 1,812 213,486 29,389 242,875

(*) Data restated following retrospective application of IAS 19 – Employee benefits

Notes to the 2013 Consolidated Financial Statements

Group activities

The Group operates in the Airport Management sector, following the decision of management during the year, as previously described, to divest of the shareholdings in Airest S.p.A. and Centostazioni S.p.A., therefore exiting the relative Food & Beverage and Retail and Infrastructure Management business areas.

Accounting Standards adopted in the preparation of the 2013 Consolidated Financial Statements

Basis of preparation

The present consolidated financial statements concern the year ended December 31, 2013. The consolidated financial statements were prepared under the historic cost convention, except for derivative financial instruments and financial assets held-for-sale, which were recognised at fair value, and in accordance with the going concern principle. The Group considers that, although within a difficult economic and financial environment, no uncertainties exist (as defined by paragraph 25 of IAS 1) on the going concern. The consolidated financial statements are presented in Euro, which is also the Group functional currency, and all amounts are rounded to the nearest thousand of Euro, where not otherwise indicated.

Compliance with IAS/IFRS and the enacting provisions of Article 9 of Legislative Decree 38/2005

The consolidated financial information at December 31, 2013 was prepared in compliance with IFRS adopted by the European Union and in force at the preparation date of the financial statements, in addition to the provisions issued in enactment of Article 9 of Legislative Decree 38/2005 (Consob Motions No. 15519 and 15520 of July 27, 2006).

Content and form of the consolidated financial statements

The present financial statements were prepared by the Board of Directors on the basis of the consolidation and accounting records updated to December 31, 2013. For comparative purposes, the financial statements are presented with the comparative balance sheet at December 31, 2012 and the 2012 income statement. The company opted to apply the Separate and Comprehensive Income Statements, as permitted by IAS 1, considering such more representative of operations. In particular, the balance sheet was broken down between current and non-current assets and liabilities, the income statement with allocation of income and charges by type and the cash flow statement using the indirect method, with breakdown of operating, investing and financing activities.

Consolidation scope

The consolidated financial statements at December 31, 2013 include, through the line-by-line method, the companies in which the Parent Company SAVE S.p.A. – hereafter “Save” – holds, directly or indirectly, the majority of share capital and voting rights. All inter-company balances and transactions, including any unrealised gains and losses deriving from transactions between Group companies, are fully eliminated. The subsidiary companies are fully consolidated from the date of acquisition, or from the date in which the Group acquires control, and ceases to be consolidated at the date on which the Group no longer has control. 61

The book value of the investments included in the consolidation scope is eliminated against the net equity of the investee companies according to the line-by-line method. Any difference between the acquisition cost and the book value of the net equity of the investees on the acquisition of the investment, is allocated to the specific assets, liabilities or contingent liabilities of the acquired companies, based on their fair value at the acquisition date and for the residual part, where fulfilling the requirements, to Goodwill. In this case, these amounts are not amortised but subject to an impairment test at least annually and where indicators of impairment exist. Minority interests represent the part of profits or losses and of net assets not held by the Group and are shown in a separate income statement account and in the balance sheet under equity, separately from the Group net equity. The acquisition of minority interests in previous years are recognised utilising the “parent entity extension method”, on the basis of which the difference between the price paid and the book value of the share of net assets acquired is recorded as goodwill. In application of IAS 27 Revised, amendments to the shareholding which do not constitute a loss of control are considered as equity transactions and therefore recognised to equity. Save in addition has a shareholding in a company subject to joint control, where, on the basis of contractual agreements, control is shared concerning the strategic – financial decisions, which must be adopted with the unanimous agreement of the parties. This investment is consolidated under the proportional method: the balance sheet and the income statement are consolidated “pro-quota”, based on the percentage holding; the book value of the investment held is eliminated against the relative net equity.

The companies included in the consolidation scope through the line-by-line and proportional methods are listed below: % held by the Group Currenc Share Capital 31/12/2013 31/12/2012 Company y PARENT COMPANY: SAVE S.p.A. Euro 35,971,000 its subsidiaries: Marco Polo Park S.r.l. Euro 516,460 100 100 Save International Holding SA Euro 7,450,000 100 100 its subsidiaries: Belgian Airports SA Euro 5,600,000 65 65 Save Engineering S.r.l. Euro 100,000 100 100 N-AITEC S.r.l. Euro 50,000 100 100 Aer Tre S.p.A. Euro 13,119,840 80 80 Aeroporto Civile di Padova S.p.A. in liquidation (**) Euro 525,726 71.74 62.86 Società Agricola Ca’ Bolzan a r.l. Euro 98,800 100 100 Società Agricola Save a r.l. Euro 75,000 100 - Triveneto Sicurezza S.r.l. Euro 100,000 93 93 Archimede 3 S.r.l. Euro 50,000 100 100 its subsidiaries: Idea 2 S.r.l. Euro 10,000 100 100 Archimede 1 S.p.A. Euro 25,000,000 60 60 its subsidiary:

Centostazioni S.p.A. (*) Euro 8,333,335 24 24 Airest S.p.a. Euro 20,619,000 97 99.84 its subsidiaries: Very Italian Food S.r.l. Euro 100,000 97 99.84 Airline Terminal & Business Catering Holding GmbH Euro 35,000 97 99.84 its subsidiaries: Airest Catering d.o.o. Euro 142,505 97 99.84 Shanghai Airest Catering Company Ltd USD 3,250,000 97 99.84 East Holding Gmbh (***) Euro 300,000 - 99.84 Airest Restaurant Middle East Llc AED 150,000 47.53 48.92 Airest Singapore Pte Ltd SGD 260,000 97 - Airest Gastronomy & Retail GmbH Euro 35,000 97 99.84 its subsidiary: Airest Czech Republic a.s. CZK 60,660,000 97 99.84 Airest Collezioni S.r.l. Euro 52,500 97 74.88 its subsidiaries: Airest Retail S.r.l. Euro 100,000 97 74.88 Airest Russia O.O.O. RUB 13,200,000 97 74.88 Airest Collezioni Venezia S.r.l. Euro 10,000 97 74.88 Airest Collezioni Dublin Ltd Euro 1,460,451 97 74.88 Airest Collezioni Glasgow Ltd GBP 1 97 74.88 Airest Collezioni Gmbh (**) Euro 25,000 - 74.88 Airest Collezioni USA Inc. USD 10 97 - Airest Collezioni US-1 Llc USD 0 97 -

(*) consolidated by the proportional method.

(**) in liquidation (***) liquidated

The following principal changes to the consolidation scope occurred in 2013:

The Company Agricola Cà Bolzan a r.l., entirely held by Save S.p.A, was spun off, creating a new company called Agricola Save a r.l., in order to separate the lands on which agricultural activities are carried out from those of the Master Plan for the development of Venice airport. In the second half of the year, the sole shareholder Save S.p.a. subscribed and paid-in to the share capital increase approved by the Shareholders’ Meeting of Aeroporto Civile di Padova S.p.A., for 63

its relative share, increasing its shareholding from 62.9% to 71.744%. The company is currently in liquidation. The company 3A-Advanced Airport Advisory S.r.l. was no longer operational at the date of the present consolidated financial statements and was therefore excluded from the consolidation scope and the company 2A Airport Advertising S.r.l. was not consolidated under the line-by-line method, but rather under the equity method as not significant.

In September 2013, SAVE and Lagardère Services signed an agreement which established a key industrial partnership concerning the Airest group, in order to develop synergies and the Group brands internationally. In relation to the agreement, the Italian and international assets within the Food & Beverage and Retail Business Unit were presented in the consolidated financial statements of the Group as “Assets held-for-sale” as per IFRS 5. In relation to the presentation of the Discontinued Operations under IFRS 5, such were included in the Group consolidation scope. This presentation resulted in: - for 2013 and, for comparative purposes for 2012, the re-classification of the cost and revenue accounts concerning Discontinued Operations to “Profit/(loss) of Discontinued Operations” of the Income Statement; - the reclassification of the related current and non-current assets at December 31, 2013 to the account “Assets held-for-sale” of the Balance Sheet; - the reclassification of the liabilities (excluding shareholders’ equity) relating to the “Assets held-for-sale” at December 31, 2013 to the account “Liabilities related to assets held-for- sale” of the Balance Sheet. The Continuing and Discontinued Operations are presented in the Income Statement and Balance Sheet accounts without considering inter-company eliminations. This choice was made in order to provide a more representative picture of the capital and financial position and of the results, as the principal commercial transactions with companies subject to disposal will continue also in the coming year, remaining therefore within the scope of continuing operations.

The principal changes in the consolidation scope concerning the Food & Beverage and Retail business concern: - the acquisition of 25% of the Airest Collezioni group from McArthurGlen Travel Retail LLC, with the consequent dissolution of the original joint venture agreements between Airest and McArthurGlen; - the subscription by McArthurGlen to a dedicated share capital increase, with waiver of the option right by the existing shareholders, for a 3% shareholding in Airest S.p.A.; - the acquisition by Save S.p.A. of the minority shareholding of Aer Tre S.p.A. in Airest S.p.A., following which the Parent Company holds 97% of Airest S.p.A. shares; - the line-by-line consolidation of the companies Airest Singapore Pte Ltd, Airest Collezioni USA Inc. and Airest Collezioni US-1 Llc, as fully operational respectively at Singapore Changi airport and Pittsburgh International airport; - the conversion of the company “Airest Collezioni Sàrl” (a Luxembourg registered company) to “Airest Collezioni S.r.l.” (an Italian registered company); - finally, it is reported that (i) the company Rustichelli & Mangione S.r.l. is not consolidated under the line-by-line method in view of its limited operations; (ii) the company East Holding Gmbh was wound up as no longer operational; (iii) the company Airest Collezioni GmbH, with headquarters in Düsseldorf, in liquidation and non-operative at December 31, 2013, was consolidated under the equity method.

Following management’s decision to focus Group activities on Airport Management, in the final quarter of 2013 a divestment process concerning the holding in Centostazioni S.p.A. was initiated, through Board of Directors motion of Archimede 1 S.p.A. in approval of the disposal. Based on this decision, the assets of the Company were presented in the consolidated financial statements as “Assets held-for-sale” in accordance with IFRS 5. The Discontinued Operations are included in the Group consolidation scope as per IFRS 5. This presentation resulted in: - for 2013 and, for comparative purposes for 2012, the re-classification of the cost and revenue accounts concerning Discontinued Operations to “Profit/(loss) of Discontinued Operations” of the Income Statement; - the reclassification of the related current and non-current assets at December 31, 2013 to the account “Assets held-for-sale” of the Balance Sheet; - the reclassification of the liabilities (excluding shareholders’ equity) relating to the “Assets held-for-sale” at December 31, 2013 to the account “Liabilities related to assets held-for- sale” of the Balance Sheet. The Continuing and Discontinued Operations are presented in the Income Statement and Balance Sheet accounts without considering inter-company eliminations. This choice was made in order to provide a more representative picture of the capital and financial position and of the results, as the principal commercial transactions with companies subject to disposal will continue also in the coming year, remaining therefore within the scope of continuing operations.

CONSOLIDATION PRINCIPLES

Change of accounting standards

The accounting standards adopted for the preparation of the consolidated financial statements conform with those for the preparation of the annual financial statements of the Group at December 31, 2012, with the exception of the adoption of the new standards and interpretations applicable from January 1, 2013, listed below.

Accounting standards, amendments and interpretations applied from January 1, 2013

The following amendments to the international accounting standards issued by the IASB and approved by the European Union were applicable from January 1, 2013:

IFRS 1 Amendments – First-time adoption of International Financial Reporting Standards (Regulation 1255/2012). The amendments concern simplifications for new users and for companies who were unable to adopt IFRS due to hyperinflation. This amendment did not impact the valuation of the financial statement accounts. Amendments to IAS 1 – Presentation of financial statements (Regulation 475/2012). The amendment, issued by the IASB on June 16, 2011, requires the aggregation of the Comprehensive income statement items into two categories, according to their nature i.e. whether they may or may not be reclassified to the income statement. The application was made with retrospective effect. Amendments to IAS 19 – Employee benefits (Regulation 475/2012). The amendments, issued by the IASB on June 16, 2011, concern substantial aspects such as: the elimination of the “corridor method” for the measurement of the actuarial profits and losses; the presentation and measurement of changes to assets and liabilities relating to employee benefit plans in the income statement and in the comprehensive income statement; the extension of the disclosure requirements concerning the features of the benefit plans and the risks to which the entity is exposed. The Group applied retrospectively, in accordance with the transitory provisions of the standard, the amendment to IAS 19 concerning the recognition of actuarial profits and losses of defined benefit plans to the comprehensive income statement. This amendment therefore required the restatement of the 2012 comparative income statement and comprehensive income statement against the impact on the result. The consolidated balance sheet however was not restated as concerning only a reclassification within the equity accounts. Amendment to IAS 32 – Financial Instruments: disclosure and presentation and amendment to IFRS 7 – Financial instruments: additional disclosure (Regulation 1256/2012). The amendment, issued by the IASB on December 16, 2011, concerns the offsetting rules of financial assets and liabilities and the relative disclosure obligations concerning certain financial instruments. With regard to IAS 32, the amendments are applicable retrospectively from January 1, 2014. For IFRS 7, the amendments enter into force from January 1, 2013. The required disclosure must be provided retrospectively. IFRS 13 – Fair value measurement (Regulation 1255/2012). The standard, issued by the IASB on May 12, 2011, defines the concept of fair value, providing a guide for its calculation and introducing common qualitative and quantitative disclosure for all financial statement accounts measured at fair value, in order to guarantee improved consistency and reduce complexity. Application was made prospectively and currently has not significantly impacted the Group financial statements. IFRIC 20 – “Stripping costs in the production phase of a surface mine” (Regulation 1255/2012). The interpretation, published by the IASB on October 19, 2011, is applicable prospectively and is not applicable to the sector in which the Group operates and consequently will not have any effect on the financial statements. 66

Amendments to IFRS 1 – First-time adoption of International Accounting Standards: Public grants (Regulation 183/2013). Document issued by the IASB on March 19, 2011. In relation to loans granted to an entity by a public body at a rate below the market rate, the amendment allows new users to apply IAS 20 prospectively, without amending the initial recognition value of the payable if such was not measured as per IAS 39. Amendments to IAS 12 - Deferred taxes: recovery of underlying assets. The standard clarifies the determination of the deferred taxes on property investments valued at fair value. It introduces the refutable presumption that the book value of a property investment, valued utilising the fair value model as per IAS 40, will be recovered through sale and that, consequently, the relative deferred tax should be valued on a sale basis. The presumption is refutable if the property investment is depreciable and is held with the objective to utilise over time substantially all the benefits deriving from the property investment, instead of realising these benefits through sale. The amendment did not have any impact on the financial position, on the results or on Group disclosure.

On May 17, 2012, the International Accounting Standards Board (IASB) published “Improvements to the International Financial Reporting Standards (2009-2011 Cycle)”, subsequently adopted by the European Union with Regulation 301/2013. These improvements amend the following existing international accounting standards: Improvement to IAS 1 – Presentation of Financial Statements: Comparative disclosure. It is clarified that additional comparative information must be presented in accordance with IAS/IFRS. In addition, in the case of retrospective amendments, the entity must present a balance sheet at the beginning of the comparative period (third balance sheet), without requiring complete disclosure for the new statement, therefore only in relation to the affected accounts. Improvement to IAS 16 – Property, Plant & Equipment: Classification of servicing equipment. This clarifies that servicing equipment must be classified in the account property, plant and equipment if utilised for more than one year, and in inventory if utilised for one year only. Improvement to IAS 32 – Financial Instruments Presentation: Direct taxes on distributions to holders of capital instruments and on transaction costs on capital instruments. Clarification is provided that direct taxes within this scope are subject to IAS 12. No effects on the Group financial statements are expected following application of these amendments.

Accounting standards, amendments and interpretations approved by the European Union but not adopted in advance by the Group.

From January 1, 2014, the following accounting standards and amendments are mandatory, following the conclusion of the EU endorsement process: IFRS 10 – Consolidated financial statements (Regulation 1254/2012). Published by the IASB on May 12, 2011, it replaces IAS 27 “Consolidated and separate financial statements” and SIC 12 “Consolidation – Special purpose entities”. The new standard introduces a new definition of control, outlines the concept of de facto control (control with less than a majority of voting rights) and clarifies the link between control and agency. Application has retrospective effect. This amendment will not have any impact on the SAVE Group financial statements. IFRS 11 – Joint agreements (Regulation 1254/2012). Published by the IASB on May 12, 2011, the standard replaces IAS 31 “Interests in joint ventures” and SIC 13 “Jointly controlled entities – Non-monetary contributions by venturers”. The new standard establishes a distinction between joint operations and joint ventures, according to the rights and obligations of participants rather than the legal form of the agreement. The proportional consolidation method in the case of joint ventures has also been abolished. Application has retrospective effect. The Group holds investments under joint venture agreements which until the financial statements at December 31, 2012 were consolidated under the proportional method. Following 67

the extraordinary operations outlined, specifically in relation to the jointly-controlled subsidiary Centostazioni S.p.A., the income statement and balance sheet will continue to be consolidated proportionally. However, presentation in the financial statements according to IFRS 5 will require the grouping of asset and liability accounts, in addition to the aggregation in a single line in the income statement, as illustrated in Note 38. The application of this standard will impact the Group statement of financial position. This is due to the discontinuation of the proportional consolidation of the joint venture which, as per IFRS 11, will be recognised under the equity method. IFRS 12 – Disclosure of interests in other entities (Regulation 1254/2012). This newly introduced standard was published by the IASB on May 12, 2011 and must be applied where an entity has interests in subsidiaries, joint arrangements, associates and non-consolidated entities. Disclosure concerning the reasoning and significant assumptions to establish the existence of control, joint control or associates is required. IAS 27 Revised – Separate financial statements (Regulation 1254/2012). Standard issued by the IASB on May 12, 2011 following the issue of IFRS 10; the application of IAS 27 is limited to separate financial statements. The standard governs the accounting of investment in subsidiaries, associates and joint ventures in the separate financial statements. IAS 28 Revised – Investments in associated companies and joint ventures (Regulations 1254/2012). The standard was issued by the IASB on May 12, 2011, due to the issue of IFRS 10 and IFRS 11 and governs the measurement of investments in associates and joint ventures and the criteria for the application of the equity method. Amendments to IAS 36 – Recoverable Amount Disclosures for Non-Financial Assets. (Regulation 1.374/2013). Amendments issued by the IASB on May 29, 2013 are applicable retrospectively from periods beginning January 1, 2014. The document requires disclosure concerning the recoverable value of assets or of CGU’s only in the case in which an impairment or a reversal of a previous write-down has been recognised. It provides in addition clarifications in relation to disclosure to be provided in the case of an impairment of an asset, where the recoverable value was established under the fair value method, net of selling costs. Amendments to IAS 39 – Novation of derivatives and continuation of hedge accounting (Regulation 1375/2013). Amendments issued by the IASB on June 27, 2013 and applicable retrospectively from periods beginning January 1, 2014, with advance adoption permitted. The document indicates a number of exemptions to the hedge accounting requirement established by IAS 39 in circumstances in which a derivative in place must be substituted with a new derivative, which by law or regulation directly or indirectly has a central counterparty. In particular, this document establishes that the novation of a derivative hedging instrument must not be considered as the maturity or settlement of the instrument, resulting in the prospective interruption of hedge accounting, where a number of specific conditions are complied with.

Accounting standards, amendments and interpretations not yet approved by the European Union

The following updates and amendments to IFRS are in the course of approval by the relevant European Union bodies (already approved by the IASB), in addition to the following interpretations (already approved by IFRS IC): IFRS 9 – Financial instruments. Standard published by the IASB on November 12, 2009 and subsequently amended. The standard, whose application was postponed to January 1, 2015, is part of a wider project in a series of phases for the replacement of IAS 39. It introduces new classification criteria for financial assets and liabilities, for the derecognition of financial assets and for the management and measurement of hedging operations. IFRIC 21 – Levies. Interpretations issued by IFRS IC on May 20, 2013 and applicable retroactively from periods beginning January 1, 2014 or subsequently. The interpretation was amended to identify the method for the measurement of levies paid to a government body for 68

which the entity does not receive specific goods or services. The document identifies various types of levies, clarifying which events give rise to the obligation for the recognition of a liability in accordance with IAS 37. Defined Benefit Plans: Employee Contributions (Amendments to IAS 19) issued by the IASB in November 2013. On November 12, 2013, the International Accounting Standards Board (IASB) published “Improvements to International Financial Reporting Standards (2010-2012 Cycle)” and “Improvements to International Financial Reporting Standards (2011-2013 Cycle)” These improvements include also amendments to existing international accounting standards.

Seasonal activities

Due to the cyclical nature of the sector in which the Group generally operates, higher revenues and operating results are expected in the second and third quarters rather than in the first and final quarters of the year. Higher revenues are concentrated in June-September, during the peak summer vacation period and the maximum usage levels of the directly managed infrastructure (airports).

Significant accounting estimates

The key future assumptions and those concerning other important sources of uncertainty in the estimates at the reporting date, that could result in adjustments to the carrying value of the assets and liabilities within the next financial year, are illustrated below.

Impairment on goodwill and other intangible assets An impairment test is carried out on goodwill on an annual basis; this test requires an estimate of the value in use from the cash generating units of the cash flows to which the goodwill is attributed, in turn based on the expected future cash flows of the unit and discounted in accordance with an adequate discount rate. At December 31, total goodwill recognised amounted to Euro 7 million; for further details, reference should be made to Note 8. The group undertakes an impairment test on goodwill recognised in the financial statements in accordance with the methods described in the paragraph “Impairments of intangible assets and property, plant and equipment”. The cash flows of the cash generating units attributable to the individual goodwill recognised was taken from the Business Plan approved by the Board of Directors. In relation to the other intangible assets with finite useful life, an impairment test was carried out annually on the residual value, resulting from the allocation of the higher value paid on acquisition. For more in-depth information and analysis of the impairment tests undertaken at December 31 on the individual goodwill amounts and other intangible assets, reference should be made to the paragraph “Tests on the recoverability of assets and groups of assets”, illustrated in the accounting principles.

Deferred tax assets Deferred tax assets refer to the temporary differences between the amounts recorded in the financial statements and those recorded for tax purposes, attributable to the deferred deductibility of costs, principally relating to risk provisions, and tax losses carried forward by some Group companies. These assets are recognised in the financial statements on the basis of a discretional assessment by the Directors on the probability of their recovery, with particular regard to the capacity of the Parent Company and of the subsidiaries, also based on the effect of the “tax consolidation”

option, to generate future assessable income. They must estimate the probable timeframe and amount of future assessable income. The calculation was made based on the expected tax rates for the year in which the temporary differences are expected to reverse. At December 31, deferred tax assets amounted to Euro 28 million and further information is provided in Note 11.

Bad debt provision The bad debt provision is based on a specific analysis of receivables in dispute and also an analysis of overdue receivables. The overall valuation of the realisable value of trade receivables requires estimates on the probability of recovery of the above-mentioned receivables and is therefore subject to uncertainty. At December 31, the bad debt provision amounted to Euro 4.5 million and further information is provided in Note 5.

Airport concession rights replacement provision Against airport concession rights, by some companies of the group, a specific maintenance and replacement provision was recognised on the assets under concession recorded in the balance sheet, which must be returned to the State in optimal operating condition at the end of the concession. The Replacement Provision is updated annually based on a technical evaluation of the estimated future charges relating to the cyclical maintenance of the assets which will be returned free at the end of the concession and is utilised based on the maintenance undertaken during the year. At December 31, the provision amounted to Euro 20.1 million.

Pension provision and other post-employment benefits The cost of defined benefit plans and post-employment benefits are determined utilising actuarial valuations. The actuarial valuations require the consideration of statistical hypothesis concerning discount rates, the expected return on plan assets, future salary increases, mortality rates and future pension increases. Due to the long-term nature of these plans, these estimates are subject to a significant degree of uncertainty. Further details are shown at Note 22.

Current income taxes Current income taxes are measured at the amount expected to be recovered or paid to the tax authorities. The tax rates and regulations used to calculate such amounts are those issued or substantially issued as at the reporting date of the consolidated financial statements. Current income taxes relating to items recorded directly in equity are charged directly to net equity and not to the income statement.

Test on the recoverability of assets and group of assets

With the assistance of an independent advisor, impairment tests were undertaken to assess the existence of impairments on the amounts allocated to Goodwill or Concessions, recognised in the present and previous years. The impairment test compares the carrying value of the asset or group of assets of the cash generating unit (CGU) with the recoverable value, arising from the higher between the fair value (net of selling costs) and the discounted net cash flows which are expected to be produced from the asset or group of assets of the CGU (value in use). In relation to principal values allocated to goodwill and/or concessions and attributable to the Food & Beverage and Retail Business Unit, as the Airest group is held-for-sale, these amounts are classified under Discontinued Operations and measured in the consolidated financial statements based on the fair value emerging from the sale.

We specifically refer to: - the value of goodwill and of the concession deriving from the acquisition of the investment in Airest Czech Republic A.s., recognised at December 31, 2012 respectively for an amount of Euro 4 million and Euro 17.1 million; - the value of goodwill and of the concession deriving from the investment of R&M Airport S.r.l. (merged by incorporation into Airest S.p.A.), each recognised at December 31, 2012 for Euro 0.2 million; - the value of goodwill and of the concession deriving from the acquisition of the “Terminal Catering” business unit following the acquisition of the investment in the Austrian Group Airest, recognised at December 31, 2012 respectively for Euro 9.3 million and Euro 0.6 million; - the value of goodwill and of the concession deriving from the acquisition of the restaurant business unit following the acquisition of the investment in Ristop, now merged into the subsidiary Airest S.p.A., recognised at December 31, 2012 respectively for Euro 37.7 million and Euro 0.7 million; - the value of goodwill and of the brand deriving from the acquisition of a further 50% shareholding in Very Italian Food S.r.l., recognised at December 31, 2012 respectively for Euro 0.2 million and Euro 0.4 million; - the value of goodwill and of the concession deriving from the acquisition of the investment in Airest Collezioni S.r.l., recognised at December 31, 2012 respectively for an amount of Euro 2.9 million and Euro 1.1 million; - the value of goodwill from the acquisition of control of Airest Restaurant Middle East Llc, recognised at December 31, 2012 for Euro 0.8 million.

Value of goodwill from the acquisition of a further minority shareholding in Aer Tre S.p.A.

An impairment test was undertaken to determine the existence of any impairment loss on the Euro 6.9 million allocated to “Goodwill” on acquisition from third party shareholders, in 2007, of a 35% stake in the share capital of Aer Tre S.p.A.. The Cash Generating Unit identified coincides with Treviso airport. The corporate and industrial integration of the airport with the Venice Marco Polo airport, with the consequent creation of the Venice Airport System, achieved significant industrial synergies (i.e. better traffic distribution between the two airports) and financial synergies; in addition, the recognition at national level of the afore-mentioned Airport System contributed significant advantages in terms of tariff governance through the Regulatory Agreement mechanism. Specifically, in view of the recognition of the Venice Airport System and the consequent integrated management of the two 71

airports, the scope of Aer Tre also included the non-aviation margin deriving from the management of the parking areas at Treviso airport.

The cash flows of the Cash Generating Unit were taken from the Business Plan approved by the Board of Directors of the Company, which covers a time period between 2014 and 2053, based on the following key factors: (i) attainment of the forty-year full management concession, (ii) growth of commercial revenues, thanks to incisive investments, based on traffic development, (iii) the prudent consideration, in light of the continued challenging economic environment, of a number of growth drivers and related investments. The gross Weighed Average Cost of Capital (WACC) utilised for the discounting of cash flows was 8.6%, corresponding to a post-tax WACC of 6.2%. From the analyses, the value in use exceeds the carrying value of the CGU by 8.6%. The identified value in use is Euro 43.5 million, compared to a carrying value of approx. Euro 40 million, which includes the value of the capital invested related to the CGU for approx. Euro 31.4 million. The sensitivity analysis applied to the changes in the discount rate within the Plan shows that the post-tax WACC rate which renders the value in use of the CGU equal to the relative carrying amount is approx. 6.7%.

Value of the concession from the acquisition of the investment in Centostazioni S.p.A..

An impairment test was undertaken in order to establish any impairment loss with reference to the Euro 56.8 million (net of the accumulated amortisation at December 31, 2013) allocated to “Concessions” on the acquisition, completed in 2001, of a 40% holding in the share capital of Centostazioni S.p.A..

The Cash Generating Unit identified coincides with the legal entity Centostazioni S.p.A..

The cash flows of the Cash Generating Unit were sourced from the business plan prepared by the shareholder Archimede 1 S.p.A., taking into consideration the assumptions, based on an analysis on the possible upsides devolving to the company, undertaken by a leading advisor, appointed by the Board of Directors of Centostazioni S.p.A.. These assumptions outline some strategic developments, supported by an appropriate investment plan, based on the following pillars: - improvement in the quality of the commercial and advertising offer; - increase in the number of commercial units rented; - increase in the number of commercial units available.

The plan in fact includes the entry into service of a series of development projects, which will exploit opportunities within the core business of Centostazioni.

The period of the plan was broken down into two phases: the first phase (2014-2018) refers to the explicit cash flows of the plan provided by management, while the second phase (2019-2041) refers to the cash flows from the application of a “g” growth rate of 1.5% on revenues of the year 2018, until the conclusion of the Concession. Based on multiple international indications, the typical range of the “g” growth rate factor in real terms is between 0.5 % and 2.5%. Specifically, it was considered appropriate to make reference to the inflation index expected over the long-term period. The gross WACC utilised for the discounting of the cash flows was 9.8%, corresponding to a post-tax WACC of 6.3%. From the analysis, the value in use identified is approx. 10.5% above the carrying value, which includes, in addition to the value of the concession, also the net capital invested relating to the CGU. 72

The value in use of Archimede 1 was approx. Euro 85.6 million compared with a carrying value of Euro 77.5 million, which includes the net assets within the CGU of approx. Euro 21 million. The reference value was tested through a sensitivity analysis based on both a constant WACC and a variable WACC. The result of the analysis undertaken therefore does not provide sufficient indication of impairment on the carrying value. The sensitivity analysis applied to the changes in the discount rate shows that the discount rate which renders the value in use of the CGU equal to the relative carrying amount is approx. 7%.

Accounting principles

The IAS/IFRS accounting principles applied are illustrated below.

Intangible assets

An intangible asset is an asset without physical substance, identifiable, under control of the entity and capable of generating future economic benefits, and those derived from business combinations. The useful life of the intangible assets are measured as finite or indefinite. Intangible assets with a finite useful life are recorded at acquisition or production cost or, where deriving from business combinations, are capitalised at the fair value at the acquisition date; these assets include accessory charges, amortised on a straight-line basis for the period of their residual useful life in accordance with IAS 36 and undergo an impairment test whenever there are indications of loss in value. The residual value at the end of the useful life is presumed to be zero unless there is a commitment by a third party purchaser of the asset at the end of the useful life or an active market for the asset exists. The Directors review the estimate of the useful life of intangible assets at each reporting date. The amortisation of finite intangible assets is recorded in the income statement under the category of costs relating to intangible assets.

The indefinite intangible assets undergo an impairment test for loss in value at individual level or at cash generating unit level. The recoverability of the value recorded is verified adopting the criteria indicated below. These assets are not amortised. The useful life of an indefinite intangible asset is reviewed on an annual basis in order to assess whether the conditions exist for it to remain in this classification.

The useful life of the various intangible asset categories are illustrated below:

Category Amortisation period Patents and intellectual property rights software 3.5 years Airport Concessions rights Duration of Airport concession Concessions Duration of concessions Licences, brands and similar rights Duration of contract Various deferred charges 5 years or concession duration

“Patents and intellectual property rights” principally refers to costs for the implementation and tailoring of operational software.

“Airport concession rights” refer to the amount recognised under intangible assets against the airport infrastructure assets held in relation to the concession rights acquired for the management of the infrastructures which permits the right to charge for the utilisation of such infrastructure, in execution of a public service, in accordance with the provisions of IFRIC 12 – Service Concession Arrangements. Following the granting of the forty-year concession, obtained on April 16, 2013 for the total management of the Canova Treviso airport to Aer Tre S.p.A. (with effect from April 16, 2013), full application of this standard, also with reference to the concession rights held by this company, was considered appropriate. It is recalled that in the financial statements of preceding years, the assets held under concession were simply reclassified to “Airport concession rights” 74

from “Tangible fixed assets”. From the present year, prospective application of this interpretation will be applied, in accordance with IFRIC 12, paragraph 30: the restatement of this intangible asset, through the application of amortisation on a straight- line basis, now defined exclusively according to the duration of the concession, in place of amortisation calculated based on the lower of this latter and the useful life of the asset subject to amortisation, in addition to the relative tax effects; the restatement of the amount of the assets under concession replacement provision, through the inclusion in this latter of the amounts necessary for the maintenance and replacement of all assets comprising the infrastructures held, in addition to the relative tax effects. The principal impacts deriving from the prospective application of IFRIC 12 to the consolidated balance sheet and income statement accounts at December 31, 2013 of the Save Group on the concession assets held by Aer Tre S.p.A. are as follows: higher amortisation on Airport concessions rights totalling Euro 863 thousand, net of the relative tax effect of Euro 274 thousand, recorded in the account “Airport concessions rights”; higher assets under concession Replacement Provision of Euro 341 thousand, net of the relative tax effect of Euro 108 thousand, recorded in the assets under concession Replacement Provision. This resulted in a higher profit for the year and a higher Net Equity of Euro 356 thousand.

The account “Concessions” recorded in the financial statements at December 31, 2012 principally refers to the higher value paid, compared to the share of equity, on the acquisition of the investment in Centostazioni S.p.A. to obtain the concession and usage rights for commercial units at 103 medium sized-stations. This amount was amortised over the 40 year duration of the concession. Against the expected sale of the investment in Centostazioni S.p.A., the relative amount is included in the account “Assets held-for-sale”. The useful life of an intangible asset deriving from contractual rights or other legal rights is determined on the basis of the lower between the duration of the contractual or legal rights (concession duration) and the utilisation period of the asset. The recoverability of the carrying value less amortisation is verified annually adopting the impairment test criteria.

Business combinations and goodwill

Business combinations before January 1, 2010 Business combinations are recorded in accordance with the purchase method. The cost of the business combination is measured as the aggregate of the present values, at the date of exchange, of assets sold, liabilities incurred or assumed, and equity instruments issued by the purchaser, in exchange for control of the company acquired, plus any costs directly attributable to the business combination. The acquisition cost is allocated to the assets, liabilities and contingent liabilities of the company acquired measured at fair value at the acquisition date, which satisfy the criteria as per IFRS 3. The difference recorded between the business combination cost and the amount acquired at net fair value of the assets, liabilities and contingent liabilities is recorded as goodwill. Goodwill acquired in a business combination is not amortised; an impairment test is undertaken annually to verify any loss in value, or more frequently if specific events or changed circumstances indicate the possibility of an impairment, in accordance with IAS 36 “Impairment of assets”. In the determination of the fair value of the assets and liabilities and the impairment tests, the evaluations of the Directors are supported by opinions from independent experts.

The minority interests in the companies acquired are initially measured at the fair value of the assets, liabilities and contingent liabilities recognised.

Business combinations after January 1, 2010 Following the introduction of IFRS 3 Revised, from January 1, 2010, date of first prospective application of the standard, business combinations are recognised utilising the acquisition method. The acquisition cost is calculated as the total of the fair value at the date of acquisition and the value of any minority equity holding in the acquisition. For every business combination, the buyer must measure any minority holding at fair value or in proportion to the amount held in the identifiable net assets of the acquisition. The acquisition costs are expensed and classified under administration expenses. When the group acquires a business, the financial assets acquired or liabilities assumed under the agreement are classified or designated in accordance with the contractual terms, the economic conditions and the other conditions at the acquisition date. This includes the verification to establish whether an embedded derivative must be separated from the host contract. If the business combination is realised in a series of phases, the purchaser recalculates the fair value of the holding previously held and measures under the equity method and records to the income statement any resulting profit or loss. Every potential payment is recorded by the purchaser at fair value at the acquisition date. The change in the fair value of the potential payment classified as an asset or liability will be recorded in accordance with IAS 39, in the income statement or in the statement of comprehensive income. If the potential payment is classified under equity, the value must not be recalculated until its elimination is recorded against equity. Goodwill is initially valued at cost calculated as the difference between the sum of the amount paid and the amount recognised for the minority interest holdings compared to the net identifiable assets acquired and liabilities assumed by the Group. If the amount is lower than the fair value of the net assets of the subsidiary acquired, the difference is recorded in the income statement. After initial recognition, goodwill is measured at cost, less any accumulated loss in value. For the purpose of impairment testing, goodwill acquired in a business combination must, from the acquisition date, be allocated to each of the Group’s cash-generating units which are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the entity are assigned to those units. If the goodwill is allocated to a cash-generating unit and the entity sells part of the activities of this unit, the goodwill associated with the activity sold is included in the book value of the activity when determining the gain or loss deriving from the sale. The goodwill associated to assets sold is calculated based on the relative values of the asset sold and the part maintained by the cash- generating unit.

Property, plant and equipment

Property, plant and equipment are initially recognised at purchase price or construction cost or, where deriving from business combinations, at fair value at the acquisition date; the value includes the price paid to acquire or construct the asset (net of discounts) and any directly attributable costs to the acquisition and necessary for the asset to enter into service. The assets held by third parties are measured at fair value on the basis of a specific valuation. The purchase price or construction cost is net of public grants which are recognised when the conditions for their concession are verified. Land, both constructible and relating to civil and industrial buildings, is accounted for separately and is not depreciated in that it has an indefinite useful life. Tangible assets are presented net of accumulated depreciation and any losses in value, calculated as described below. Depreciation is calculated, on a straight-line basis, based on the estimated useful life. 76

Losses in value are charged to the income statement under depreciation costs. Such losses are restated when the reasons for their write-down no longer exist. At the time of sale, or when there are no expected future economic benefits from the use of an asset, it is eliminated from the financial statements and any loss or profit (calculated as the difference between sale’s price and book value) is charged to the income statement in the year of its elimination. Where a tangible fixed asset comprises a number of significant components with differing useful lives, the depreciation is carried out separately for each component. Land is not depreciated and fixed assets held-for-sale are valued at the lower of the subscription value and the fair value net of selling costs. Maintenance and repair expenses, which do not increase the value and/or extend the residual useful life of the asset are expensed in the year in which they are incurred; where they increase the value and/or extend the residual life of the assets, they are capitalised. Property, plant and equipment are depreciated on a straight-line basis based on the residual useful life of the asset, as follows:

Category Rates Light construction and 3% buildings Runway equipment 32% Operating machinery 10% Communication plant 25% Other plant 8% - 12% Equipment 15% - 25% Transport vehicles 20% - 25% EDP 20% Office furniture and 10% - 12% - 15% equipment Lower between residual concession duration and Leasehold improvements economic utility

Leased fixed assets

Assets acquired through finance lease contracts, which substantially transfer the majority of the risks and benefits related to the ownership of an asset to the Group, are capitalised at commencement of the lease at the fair value of the asset or, if lower, at the present value of the minimum lease payments on the recording of a liability to the leasing company. Lease instalments are allocated to principal and interest to obtain application of a constant interest rate on the balance of the debt (principal). Financial expenses are charged to the income statement. Capitalised lease assets are depreciated over their estimated useful life.

Impairments on intangible assets and property, plant and equipment

The carrying amount of intangible assets and property, plant and equipment undergo an impairment test whenever there are signs internal or external to the entity which indicate the possibility of a loss in value of the assets or group of assets (defined as the Cash-Generating Unit or CGU). The recoverable value is the higher between the fair value of the asset or cash generating unit, net of selling costs, and its value in use. The recoverable value is determined by individual asset 77

except when this asset generates cash flows which are not sufficiently independent from those generated by other assets or groups of assets. If the carrying amount of an asset is higher than its recoverable value, this asset has incurred a loss in value and is consequently written down to the recoverable value. In the determination of the value in use, the estimated future cash flows are discounted by the Group at a pre-tax rate that reflects the market assessment of the current value of money and the risks specific to the asset. In determining the fair value less selling costs, an adequate valuation model is utilised. These calculations are made utilising appropriate valuation multipliers, listed equity prices for publicly traded securities and other fair value indicators available. The losses in value incurred by operating assets are recorded in the income statement in the category of costs relating to those assets. At each reporting date, the Group also evaluates, in relation to the assets other than goodwill, the existence of indicators of a recovery in the loss of value previously recorded and, where these indicators exist, makes an estimate of the recoverable value. The value of an asset previously written down may be restated only if there have been changes in the estimates used to determine the recoverable value of the asset after the last recording of a loss in value. The recovery of value cannot exceed the book value which would have been calculated, net of amortisation, where no such loss in value was recorded in previous years. This recovery is recorded in the income statement unless the fixed asset is recorded at revalued amount, in which case the recovery is treated as a revaluation gain. The value of goodwill may not be reversed following an increase in the recoverable value.

The following criteria are utilised for the recording of impairments on specific categories of assets:

Goodwill and Concessions The Group undertakes an impairment test on goodwill and concessions annually, or more frequently if events or changes in circumstances indicate that the carrying amount may have incurred a loss in value. The loss in value on such intangible assets is determined through a valuation of the recoverable value of the cash-generating unit (or group of units) to which they relate. When the recoverable value of the cash-generating unit (or group of units) is lower than the carrying value of the cash- generating unit (or group of cash-generating units) to which the intangible assets are allocated, a loss in value is recognised. The decrease in the value of goodwill cannot be restated in future years. The Group undertakes the annual impairment test on the value of the above-mentioned intangible assets close to the end of the year. The impairment test compares the carrying amount of the asset or of the cash-generating unit (CGU) with the recoverable value of the asset, arising from the higher between the fair value (net of selling costs) and the value of the net discounted cash flows which are expected to arise from the asset or from the CGU. Each unit or Group of units to which the intangible asset is allocated represents the lowest level within the Group to which the goodwill is monitored at internal management level. The conditions and the methods for any write-back of an asset previously written down applied by the Group, excluding in any case any recovery in the value of goodwill, are those as per IAS 36.

Investments in subsidiaries and associated companies

The Group holds some investments in subsidiaries which however are not consolidated as currently not considered operative, whose balance sheet and income statement effects from full

consolidation would substantially be in line with the carrying value in the financial statements of the Group.

Group investments in associates are measured under the equity method. An associated company is one in which the Group exercises significant influence and is not classifiable as a subsidiary or joint venture.

Under the equity method, the investment in an associated company is initially recognised at cost and the carrying amount is increased or decreased to recognise the associated company’s share of the profit or loss after the date of acquisition. Goodwill pertaining to associates is included in the carrying value of the investment and is not subject to amortisation or an impairment test. The income statement reflects the Group’s share of the associate’s result for the period. If an associated company records adjustments with direct charge to net equity, the Group records its share and records such (where applicable) in the statement of changes in shareholders' equity. Gains and losses deriving from transactions between the Group and associated companies are eliminated in proportion to the investment held in the associated company. The Group share of the results of the associated companies is recognised in the income statement. The share of the result represents the result of the associated company attributed to the shareholders; this refers therefore to the net result after taxes and the share attributable to the other shareholders of the associate. The reporting date of the financial statements of the associated company must coincide with the year-end of the parent company. The company’s financial statements must be prepared using uniform accounting policies for like transactions and events in similar circumstances. Subsequent to the application of the equity method, the Group assesses whether it is necessary to recognise a further loss in value of investments in associates. The Group at each reporting date assesses whether an investment in an associate has incurred a loss in value. Where a loss arises, the Group calculates the amount of the loss as the difference between the recoverable value of the associate and the carrying value in the financial statements, recognising this difference in the income statement. Once significant influence on the associate no longer exists, the Group values any residual investment at fair value. Any difference between the carrying value of the investment at the date significant influence no longer exists and the fair value of the residual investment and the amount received must be recorded in the income statement.

Non-current assets held-for-sale and discontinued operations

Non-current assets and discontinued groups classified as held-for-sale are measured at the lower of their carrying value and the fair value less selling costs. Non-current assets and discontinued groups are classified as held-for-sale when the carrying value will be recovered through a sales operation rather than through their continual use. This condition exists only when the sale is highly probable and the asset or discontinued group is available for an immediate sale in its current conditions. Management must be committed to the sale, whose completion must be expected within one year from the date of the classification. In the consolidated income statement and the previous year comparative period, the gains and losses of discontinued operations must be classified separately from profits and losses from continuing operations, shown after taxes, even when the Group maintains a minority interest in the subsidiary after the sale. The resulting profit or loss, after income taxes, is shown separately in the income statement. Plant, property and equipment and intangible assets once classified as held-for-sale are no longer amortised or depreciated.

Other financial assets

IAS 39 provides for the following types of financial instruments: financial assets measured at fair value with changes recorded in the Income Statement, loans and receivables, investments held to maturity and assets available-for-sale. Initially all the financial assets are recorded at fair value. In the case of assets other than those valued at fair value with changes recorded in the Income Statement, the fair value is increased by accessory charges. On subscription, the Group considers if a contract contains embedded derivatives. The embedded derivatives are separated from the host contract if this is not valued at fair value when the analysis shows that the economic characteristics and the risks of the embedded derivative are not strictly correlated to the host contract. The Group determines the classification of its financial assets after the initial recording and, where appropriate and permitted, reviews this classification at the end of each year.

Financial assets at fair value with changes recognised to the income statement This category includes financial assets held-for-trading and assets designated on first recognition as financial assets valued at fair value with changes recorded to the Income Statement. The assets held-for-trading are all assets acquired to be sold in the short-term. The derivatives, including underlying derivatives, are classified as financial instruments held for trading unless they are designated as effective hedging instruments. Gains or losses on assets held for trading are recognised to the Income Statement. Where a contract contains one or more incorporated derivatives, the entire hybrid contract can be designated as a financial asset valued at fair value with changes recorded to the Income Statement, with exception for those cases in which the implicit derivative does not significantly change the cash flows or it is evident that the separation of the derivative is not permitted. On initial recognition, the financial assets can be classified as financial assets valued at fair value with changes recorded in the income statement where the following conditions exist: (i) the designation eliminates or significantly reduces the treatment which would otherwise result from valuing the assets or recording the gains and losses which the assets generate, in accordance with a different criteria; or (ii) the activities are a part of a group of financial assets managed and their return is valued on the basis of their fair value, based on a documented risk management strategy; or (iii) the financial assets contain an embedded derivative which must be separated and recorded separately.

Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments, which are not listed on an active market. After initial recognition, these assets are measured in accordance with the amortised cost criteria using the effective discount rate method net of all provisions for loss in value. The amortised cost is calculated taking into consideration all discounts or purchase premiums and includes the commissions which are an integral part of the effective interest rate and of the transaction costs. The gains and losses are recognised to the income statement when the loans and receivables are eliminated or if there is a loss in value, also through the amortisation process.

Available-for-sale financial assets The financial assets available-for-sale are those financial assets, excluding derivative financial instruments, which were designated as such or are not classified in any of the other preceding categories. After initial recognition, the financial assets held for sale are measured at fair value and the gains and losses are recorded in a separate equity reserve. The fair value is determined with reference to the market value (bid price) at the reporting date; in the case of non-quoted instruments they are determined through technical financial valuation methods commonly used. 80

When the assets are eliminated, the gains or losses accumulated in equity are recognised in the Income Statement. Interest matured or paid on these investments is recorded as interest income or expense, utilising the effective interest rate. Dividends matured on these investments are recognised in the Income Statement as “dividends received” when the right for collection arises.

Fair value In the case of shares widely traded in regulated markets, the fair value is determined with reference to the stock market prices recorded at the end of trading at the reporting date. For investments in which no active market exists, the fair value is determined through valuation techniques based on: transaction prices between independent parties; the current market value of a substantially similar instrument; the analysis of the discounted cash flows; option pricing models.

Loss in value of financial assets

The Group at each reporting date assesses whether a financial asset or group of financial assets has incurred a loss in value.

Assets measured under the amortised cost criteria If there is any indication that a loan or receivable recorded at amortised cost has incurred a loss in value, the amount of the loss is measured as the difference between the book value of the asset and the present value of the estimated future cash flows (excluding losses on future receivables not yet incurred) discounted at the original effective interest rate of the financial asset (the effective interest rate calculated at date of the initial recognition). The book value of the asset is reduced through the use of a provision and the amount of the loss recognised in the income statement. The Group evaluates the existence of indications of loss in value at individual level for the financial assets which are individually significant and at individual or collective level for the financial assets which are not. In the absence of indications of loss in value for a financial asset valued individually, whether it is significant or not, the asset is included in a group of financial assets with similar credit risk characteristics and this group is assessed for loss in value collectively. The assets measured at individual level - and for which a loss in value is recorded or continues to be the recorded - will not be included in the collective valuation. If, in a subsequent year, the size of the loss in value is reduced and this reduction can be identified as an event occurring after the recording of the loss in value, the previous value reduced is restated. Any restated value is recorded in the income statement - not greater than the amortised cost of the asset at the restated date. With reference to trade receivables, a bad debt provision is recorded when there are clear indications (such as, for example, the probability of insolvency or significant financial difficulties of the debtor) that the Group will not be able to recover all the amounts due according to the original conditions of the invoice. The carrying value of the receivable is reduced through an appropriate provision. Receivables which have incurred a loss in value are reversed when it is determined that they are irrecoverable.

Available-for-sale financial assets When there is a loss in value of a financial asset available-for-sale, the amount is transferred from equity to the income statement equal to the difference between its cost (net of the repayment of the principal and interest) and its present value, net of any loss in value previously recorded in the income statement. The restatement relating to capital instruments classified as available-for-sale is not recorded in the income statement. The recovery in value of debt instruments is recorded in the income

statement if the increase in the fair value of the instrument can be attributable to an event which occurred after the recording of the loss in the income statement.

Treasury shares

Treasury shares acquired are recorded at cost and as a reduction of shareholders’ equity. The purchase, sale or cancellation of treasury shares does not give rise to any profit or loss in the income statement. The difference between the carrying value and the payment received is recorded in the share premium reserve. The voting rights related to treasury shares are cancelled, as are the rights to receive dividends. In the case of the exercise of options on shares in the period, such are settled with treasury shares.

Inventories

Inventories, excluding contract work-in-progress, are recorded at the lower of purchase or production cost and realisable value represented by the amount that the Company expects to obtain from their sale in the normal course of operations. The cost of inventories is calculated using the weighted average cost method. Contract work-in-progress is measured on the basis of the payments agreed in relation to the advancement of the work, determined utilising the cost-to-cost method. The payments on account paid by clients are deducted from inventories up to the payments matured; the remaining part is recorded under liabilities. Any losses deriving from the completion of the contracts are recognised fully in the period in which such is ascertained.

Cash and cash equivalents

Cash and cash equivalents include those values which are available on demand at short notice, certain in nature and with no payment expenses.

Employee benefits

The benefits guaranteed to employees paid on the conclusion of employment or other long-term benefits are recognised in the period the right matures. The liability, net of any plan assets, is calculated on the basis of actuarial assumptions and is recorded by the accrual method consistent with the years of employment necessary to obtain such benefits. The liability is calculated by independent actuaries utilising the projected unit credit method. The Group has applied retrospectively IAS 19 relating to defined benefit plans to recognise actuarial gains/losses to the comprehensive income statement. This amendment therefore resulted in a restatement of the comparative income statement and comprehensive income statement against the impact on the result relating to this period for a higher profit of Euro 0.2 million. The consolidated balance sheet however was not restated as concerning only a reclassification within the equity accounts. The amount not only reflects the payables matured at the consolidated balance sheet date (only for companies with less than 50 employees) but also the future salary increases and related statistical data. Following the amendments to post-employment benefits introduced by Law No. 296 of December 27, 2006 (Finance Law 2007) and subsequent Decrees and Regulations, the post- employment benefits of Italian companies with more than 50 employees matured from January 1, 2007, or from the option date chosen by the employee, is included under defined contribution plans, both in the case of supplementary pension options and in the case of allocation to the 82

INPS Treasury Fund. The accounting treatment of such post-employment benefit is therefore the same as other contribution payments.

Provisions for risks and charges

Provisions for risks and charges relate to costs and expenses of a defined nature and of certain or probable existence whose amount or date of occurrence is uncertain at the present consolidated balance sheet date. The provisions are recorded when: (i) it is probable the existence of a current obligation, legal or implicit, deriving from a past event; (ii) it is probable that compliance with the obligation will result in a charge; (iii) the amount of the obligation can be estimated reliably. Provisions are recorded at the value representing the best estimate, supported by expert opinion, of the amount that the Company would rationally pay to discharge the obligation or to transfer it to a third party at the balance sheet date. When the financial effect of the time is significant and the payment dates of the obligations can be reliably estimated, the provision shall be discounted at the average cost of debt to the company; the increase of the provision due to the passing of time is recorded in the income statement in the account “Net financial income/(charges)”. If the liability relates to a tangible asset (demolition of assets), the provision is recognised in line with the asset to which it refers; the recognising of the charge to the income statement is made through depreciation. The provisions are periodically updated to reflect the changes in the estimate of the costs, of the time period and of the discounting rate; the revision of estimates are recorded in the same income statement accounts in which the provision was recorded, when the liability relates to tangible fixed assets, and in the asset account to which it refers.

Trade payables and other non-financial liabilities

Payables, which mature within the normal commercial terms, are recognised at cost (their nominal value). The payables in foreign currencies are recorded at the transaction exchange rate and, subsequently, translated at the year-end rate. The gains and losses deriving from the conversion are recorded in the income statement. The other liabilities are recorded at cost (identified as nominal value).

Loans

Other financial liabilities, with the exception of the derivatives, are recognised initially at cost, corresponding to the fair value of the liability plus transaction costs that are directly attributable at the issue of the liability. After initial recognition, the financial liabilities are measured at amortised cost using the original effective interest rate, which is the rate that renders equal, on the initial recognition, the present cash flow value and the initial recognition value (amortised cost method). All gains and losses are recognised in the income statement when the liability is settled, in addition through the amortisation process.

Elimination of financial assets and liabilities

Financial assets Financial assets (or, where applicable, part of a financial asset or part of a group of similar financial assets) are eliminated from the financial statements when: • the right to receive the financial flows of the asset terminate; • the Group retains the contractual right to receive the cash flows from the asset, but assumes a contractual obligation to pay the cash flows fully and without delay to a third party; • the Group has transferred its right to receive the cash flows from the asset and (a) has transferred substantially all of the risks and rewards of ownership of the financial asset or (b) has not transferred or retained substantially all of the risks and rewards of the asset, but has transferred control over same. Where the Group has transferred all the contractual rights to receive the cash flows from an asset and has not transferred or withheld substantially all of the risks and rewards or has not lost control, the asset is recorded in the financial statements of the Group up to the amount of its residual holding in the asset. Residual involvement that takes the form of a guarantee on the transferred asset is valued at the asset’s initial book value or the maximum consideration that the Group could be required to pay, whichever is less.

Financial liabilities A financial liability is eliminated from the financial statements when the underlying liability is settled or cancelled.

Derivative financial instruments and hedging operations

The Group uses derivative financial instruments such as interest rate swaps to hedge against risks principally deriving from interest rate fluctuations (cash flow hedges). These derivative financial instruments are initially recorded at fair value at the date on which they are agreed; subsequently this fair value is periodically recalculated. They are recorded as assets when the fair value is positive, and as liabilities when negative. Any gains or losses deriving from changes in the fair value of derivatives which are not appropriate for hedge accounting are recorded directly in the income statement. The fair value of the interest rate swap contracts is determined with reference to the market value for similar instruments. In line with the strategy chosen, the Group does not carry out operations and derivatives for speculative purposes.

Measurement of income components

Revenues are recognised to the extent that their fair value can be reliably calculated and based on the probability that their economic benefits will be received. According to this type of operation, the revenues are recognised on the basis of the specific criteria indicated below. - revenues from the sale of goods are recognised when the significant risks and benefits of the ownership of the assets are transferred to the purchaser; - revenues deriving from services are recognised when the service is rendered; - revenues from services related to contract work-in-progress are recorded with reference to the stage of completion of the activities on the basis of the same criteria as work-in-progress on orders. Revenues are recorded net of returns, discounts and premiums and promotional charges directly related to the sales revenue, in addition to direct sales taxes. Commercial discounts, recorded as a direct deduction of revenues, are measured on the basis of contracts signed with airlines and tour operators. 84

Royalties are recorded based on the accruals principle in accordance with the contracts in force. Interest income is recognised in accordance with the accruals principle, which takes into account the effective yield of the assets to which it refers. Dividends are recorded when the shareholders have the right to receive them.

Measurement of costs and expenses

Costs are recorded when relating to goods and services sold or consumed in the year or when there is no future utility.

Income taxes

Current income taxes Current income taxes are valued at the amount expected to be recovered or paid to the tax authorities. The tax rates and regulations used to calculate such amounts are those issued or substantially issued as at the reporting date of the consolidated financial statements. Current income taxes relating to items recorded directly in equity are charged directly to net equity and not to the income statement.

Deferred taxes Deferred taxes are calculated using the liability method on temporary differences between values used for fiscal purposes and the assets and liabilities reported in the present consolidated financial statements. Deferred tax liabilities derive from all temporary timing differences, except for the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, has no effects on the profit for the year calculated for the financial statements or on the profit or loss calculated for tax purposes. The reversal of the temporary differences, related to investments in subsidiaries, associates and joint ventures, can be controlled and it is probable that such will not occur in the foreseeable future. Deferred tax assets are recorded against all temporary deductible differences and fiscal losses carried forward, up to the amount it is probable there exists adequate future assessable profits against the utilisation of the temporary deductible differences and of the assets or liabilities carried forward, except in the case where the deferred tax asset related to the temporary deductible differences derives from the initial recording of an asset or a liability in a transaction that is not a business combination and that, at the time of the transaction, does not impact on the profit of the period calculated for the accounts or on the losses calculated for tax purposes. In the case of temporary differences related to investments in subsidiaries, associates and joint ventures, the deferred tax assets are only recognised to the probable extent that the temporary differences will reverse in the foreseeable future and there are sufficient assessable amounts to utilise such temporary differences.

The rates utilised for the calculation of deferred taxes, which reflect the expected rates on the basis of national legislation in force, are mainly the following: IRES 27.50% IRAP 4.20% (Airport Companies) IRAP 3.90%

Translation of accounts in foreign currencies

The present consolidated financial statements are presented in Euro, which is the Company’s operational currency. Each Group company decides the operative currency to be used to value the accounts in the financial statements. Transactions in foreign currency are initially recorded at the 85

exchange rate (referred to the operative currency) at the transaction date. Monetary assets and liabilities in foreign currency are translated to the operative currency at the exchange rate at the consolidated balance sheet date. All exchange differences are recognised in the income statement. Non-monetary items valued at historical cost in foreign currency are translated by using the exchange rates in effect on the date the transaction was first recorded. Non-monetary items recorded at fair market value in foreign currency are translated by using the exchange rate on the date the value was calculated. At the reporting date of the consolidated financial statements, the assets and liabilities of Shanghai Airest Catering Company Ltd expressed in the financial statements in CNY (Chinese Yuan Renmimbi) are translated based on the exchange rate at December 31, 2013 of Renmimbi 8.35 for Euro 1, while the income statement is translated based on the average exchange rate of the year of Renmimbi 8.16 for Euro 1; the assets and liabilities of Airest Czech Republic a.s, expressed in the financial statements in CZK (Czech Koruna) are translated at the exchange rate at December 31 2013, of Koruna 27.43 for Euro 1, while the income statement is translated at the average exchange for the year of Koruna 25.98 for Euro 1; the assets and liabilities of Airest Russia o.o.o. expressed in the financial statements in RUB (Russian Rouble) are translated at the exchange rate at December 31, 2013 of Rouble 45.32 for Euro 1, while the income statement is translated at the average exchange rate of the year of Rouble 42.34 for Euro 1. The assets and liabilities of Airest Collezioni Glasgow Ltd, expressed in the financial statements in GBP (UK Sterling), are translated at the exchange rate at December 31, 2013 of GBP 0.83 for Euro 1, while the income statement is translated at the average exchange rate of the year of GBP 0.85 for Euro 1. The assets and liabilities of Airest Restaurant Middle East Llc expressed in the financial statements in AED (Dirham) are translated at the exchange rate at December 31, 2013 of AED 5.07 for Euro 1, while the income statement is translated at the average exchange rate of the year of AED 4.88 for Euro 1. The assets and liabilities of Airest Singapore Pte Ltd expressed in the financial statements in SGD (Singapore Dollar) are translated at the exchange rate at December 31, 2013 of SGD 1.74 for Euro 1, while the income statement is translated at the average exchange rate for the year of SGD 1.66 for Euro 1. The assets and liabilities of Airest Collezioni Usa Inc. and Airest Collezioni (US-1) LLC Ltd expressed in the financial statements in USD (US Dollar) are translated at the exchange rate at December 31, 2013 of USD 1.38 for Euro 1, while the income statement is translated at the average exchange rate for the year of USD 1.33 for Euro 1. Exchange differences deriving from translation are charged directly to equity and are recorded in a specific equity reserve. On the sale of a foreign entity, the accumulated exchange differences recorded in the equity reserve are recognised in the income statement.

Earnings per share

The earnings per share is calculated by dividing the net profit for the period attributable to the Group’s ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. In order to calculate the diluted earnings per share, the average weighted number of shares outstanding is adjusted assuming the conversion of all shares with potential dilution effect. The Group’s net result is also adjusted to account for the effects of conversion, net of taxes. There were no share-based payment operations (stock option plans).

Contingent liabilities

The Venice Provincial Tax Office undertook an investigation at Airest S.p.A., which concluded in December 2011 with a formal written notice. The notice concerns the operation in 2007 of the

merger of the motorway “Food & Beverage” chain Ristop into Airport Elite (now Airest) and the sale of non-operational real estate assets. The notice was followed by a request from the tax agency for further information on the operation, which Airest provided in full. In the summer of 2012 the relative assessment advice notice was received by Airest S.p.A. and Save S.p.A., this latter as parent and consolidating company. The subsequent attempt to reach an agreed settlement, solely to avoid a long and costly dispute, did not achieve the expected result and in February 2013 the company presented an appeal. An increased assessable amount of approx. Euro 42 million almost entirely concerns the derecognition of the tax deductibility of the loss, as the operation would be considered improper. The Company, supported by its tax consultants appointed to handle the case, considers, although aware of the existence of elements of uncertainty, that the position initially undertaken is based on valid economic reasons and that the contrary case is unfounded. Income taxes assessed, any penalties and relative interest may be recognised, in the case of a liability arising, only subsequent to the judgment of the Provincial Tax Commission.

Operating Segment information

The Group operating segments in accordance with IFRS 8 – Operating Segments relate to the two locations in which the group operates as airport manager, Venice and Treviso, and the investments in other airports.

Following the operations described below at Note 38, the disclosure concerning operating segments for the Continuing Operations is outlined to reflect the future organisational structure of the Group, with separate disclosure for Discontinued Operations in Note 38 due to the fact that these two businesses concern the two operating segments Infrastructure Management and Food & Beverage and Retail.

The Save Group, in application of IFRS 8, identified its operating segments as the business areas which generate revenues and costs, whose results are periodically reviewed by the highest decision-making level in order to evaluate the outcome of the decisions concerning the allocation of resources and for which separate financial statements are available.

The Group operational segments are as follows:

Venice (Marco Polo Airport) Treviso (Canova Airport) Other airports Other: where residually the group assets are allocated and not directly concerning airport management activities.

In relation to the Venice and Treviso operating segments, the Group evaluates their performance based on passenger revenues, separating those concerning the aviation sector from those concerning the non-aviation sector and analysing the figures for the two locations independently. Non-aviation revenues include parking management revenues at the two locations, which is carried out through Marco Polo Park S.r.l.. The Group in addition evaluates the performance of the operating segments based on the “Operating result”, not distinguishing between aviation and non-aviation, but exclusively according to the two locations. Operating costs on the one hand consider costs related to parking 87

management at the two locations and on the other security costs, activities which are carried out at the differing locations through the company Triveneto Sicurezza S.r.l.. The other airports operating segment principally concerns the investment in the company B.S.C.A. s.a. which manages Charleroi airport and is currently not fully consolidated as the holding totals 27.65%, but is rather valued at equity. The net result of the above-stated investment is included pro-quota in the financial management result. The account “Other” residually includes those businesses not directly attributable to the identified segments. In Group operations, financial income and charges and taxes are not allocated to the individual operating segments. The segment assets are those employed by the segment for operating activities or which may be allocated reasonably for the carrying out of operating activities. The segment Liabilities are those which derive directly from segment operating activities and those reasonably allocated based on operating activities. The segment assets and liabilities presented are measured utilising the same accounting standards adopted for the presentation of the Group consolidated financial statements.

For a detailed analysis of the income statement and the segments, reference should be made to the Directors’ Report. The balance sheet by segment and the key profitability indicators are reported below.

2013 2012

Eliminations/ Total Eliminations/ Total Total Total Euro '000 Venice Treviso Other airports Other adjustments Consolidated Venice Treviso Other airports Other adjustments Consolidated Change Change % Aviation revenues 82,432 12,508 0 0 0 94,940 70,847 13,754 0 0 0 84,601 10,339 12.2% Non-Aviation revenues 36,273 3,457 0 0 (121) 39,609 34,661 3,744 0 0 (101) 38,304 1,305 3.4% Other revenues 6,945 1,151 809 3,115 (1,099) 10,921 7,318 445 789 3,407 (1,341) 10,618 303 2.9% Total Revenues 125,650 17,116 809 3,115 (1,220) 145,470 112,826 17,943 789 3,407 (1,442) 133,523 11,947 8.9% Total Costs 70,866 14,056 797 2,443 (1,220) 86,943 64,546 14,194 852 2,378 (1,442) 80,528 6,415 8.0% EBITDA 54,784 3,060 12 672 (0) 58,527 48,280 3,749 (63) 1,029 (0) 52,995 5,532 10.4% 43.6% 17.9% 1.5% 21.6% 0.0% 40.2% 42.8% 20.9% -8.0% 30.2% 0.0% 39.7% EBIT 42,793 644 (131) 616 (0) 43,922 37,026 1,152 (167) 957 (0) 38,968 4,954 12.7% 34.1% 3.8% -16.2% 19.8% 0.0% 30.2% 32.8% 6.4% -21.2% 28.1% 0.0% 29.2% Profit before taxes 47,695 44,807 2,888 6.4% 32.8% 33.6% Profit/(loss) from 32,382 32,583 (201) -0.6% continuing operations 22.3% 24.4%

Total Total Total Euro '000 at December 31, 2012 Venice Treviso Other airports Other Eliminations/ Airport Infrastructure Food & Beverage and Retail Eliminations/ Total Adjustments Management Management Management Adjustments Consolidated Fixed assets 224,180 46,516 17,893 181 288,769 97,853 146,265 (10,952) 521,935 Fixed capital employed 188,944 45,371 17,810 (181) 302,287 97,211 137,374 (61,295) 475,577 Total working capital (10,254) (5,429) 24 1,674 (13,985) 2,623 (35,706) 466 (46,602) Net working capital - discontinued operations (22) (22) Total capital employed 178,691 39,943 17,834 1,492 50,342 288,302 99,833 101,645 (60,827) 428,953 Non-current assets & liabilities held-for-sale (47) (47) Total net financial position (15,243) 16,776 (1,617) ##### (1,650) 46,473 46,895 (10,143) 81,575 Total financial sources 178,691 39,943 17,834 1,492 50,342 288,302 99,833 101,645 (60,827) 428,953

Total assets 344,189 53,917 24,178 4,457 (7,847) 418,894 114,446 182,691 (55,723) 660,308 Total liabilities 150,255 30,750 4,727 1,399 7,850 179,281 61,084 127,939 (55,373) 312,931

€/000 at December 31, 2013 Eliminations Total Venice Treviso Other Airports Other Adjustments Consolidated Fixed assets 240,442 46,053 19,793 10,640 (11,074) 305,854 Fixed capital employed 204,271 44,098 19,711 10,194 (11,072) 267,202 Total working capital (18,927) (5,265) 94 2,446 (1) (21,653) Net working capital - discontinued operations 188,553 188,553 Total capital employed 185,344 38,833 19,805 12,640 177,480 434,102 Non-current assets & liabilities held-for-sale 88,656 88,656 Total net financial position 84,236 16,308 (2,193) 34,141 58,733 191,225 Total financial sourcing 185,344 38,833 19,805 12,640 177,480 434,102

Total assets 342,940 52,831 26,206 15,714 252,636 690,327 Total liabilities 241,833 30,306 4,208 37,229 133,876 447,452

Information concerning the Principal Clients

Approx. 10% of the total revenues of the Parent Company SAVE S.p.A. derive from the airline easyJet; the subsidiary Aer Tre S.p.A. derives however approx. 55.1% of its revenues from the airline Ryanair and approx. 14.2% from Wizz Air.

Net Financial Position

The net financial position according to Consob Communication 6064293, which follows Consob Motion 15519 of July 27, 2006, is reported below.

Net financial position from Continuing Operations (102,570) Net financial position from Discontinued Operations (88,655) Net Financial Position (191,225) (81,575)

* of which net liabilities for derivative contracts carried at fair value 81 165 ** Total gross payables to banks 215,605 138,751

ANALYSIS OF THE MAIN BALANCE SHEET ACCOUNTS (where not otherwise specified, the amounts are expressed in thousands of Euro)

As previously described, the figures at December 31, 2013 are not directly comparable with the previous year due to the reclassification to Discontinued Operations. As noted, the Continuing and Discontinued Operations are presented in the Income Statement and Balance Sheet accounts without considering inter-company eliminations. This choice was made in order to provide a more representative picture of the capital and financial position and of the results, as the principal commercial transactions with companies subject to disposal will continue also in the coming year, remaining therefore within the scope of continuing operations. In addition, for better understanding of the figures, indication is provided of the reclassification to Discontinued Operations, outlined in greater detail in Note 38 of the present document.

ASSETS

Current Assets

The components of the above-stated account are as follows:

31.12.2013 € 105,091 31.12.2012 € 137,481 change € (32,390) of which for reclassification to Discontinued Operations € (53,549)

1. Cash and cash equivalents

31.12.2013 € 15,552

31.12.2012 € 58,968

change € (43,416) of which for reclassification to Discontinued Operations € (10,543)

These concern the bank current accounts available and cash and cash equivalents at the reporting date. The principal asset balances are held by the parent company with Euro 13.7 million and the subsidiary Belgium Airport with Euro 1.3 million. The significant balance at December 31, 2012 was due to the undertaking of two important loans at the end of the year for a total value of Euro 52 million. Cash and cash equivalents are reported at their book value, which is considered a reasonable approximation of the fair value at the date of the present consolidated financial statements.

2. Other financial assets

31.12.2013 € 42,147 31.12.2012 € 2,319 change € 39,828 of which for reclassification to Discontinued Operations € (215) “Other financial assets” principally comprise, for Euro 42 million, financial receivables from Airest S.p.A..

3. Tax receivables

31.12.2013 € 4,315 31.12.2012 € 4,325 change € (10) of which for reclassification to Discontinued Operations € (591)

The account includes for Euro 2.5 million the receivable relating to the IRES repayment request from IRAP for the 2007-2011 period, presented by SAVE S.p.A. as the parent company of the tax consolidation in accordance with Article 2, paragraph 1-quater of Legislative Decree No. 201/2011. Euro 9.6 million concerns IRES payments on account made in 2013, net of IRES due for the year of Euro 8.2 million, Euro 0.1 million concerning the IRAP receivable arising in the year, Euro 0.2 million concerning the previous IRES repayment request from IRAP in accordance with Article 6 of Legislative Decree no. 185/2008 and Euro 0.1 million for other Tax receivables.

4. Other receivables

31.12.2013 € 19,586 31.12.2012 € 20,242 change € (656) of which for reclassification to Discontinued Operations € (16,176)

The analysis is as follows:

(Euro thousands) 31.12.13 31.12.12 Change Centostazioni group companies - 10, 956 (10,956) E.N.A.C. for grants 1, 632 3, 706 (2,074) Veneto region for loans 424 0 424 Suppliers for advances 738 403 335 Social security institutions 8 294 (286) VAT 1, 368 873 495 Other receivables 708 2, 541 (1,833) Receivables - related parties 14, 708 1, 469 13,239 Total other receivables 19, 586 20, 242 (656)

Other receivables include positions with group companies totalling Euro 14.7 million, principally concerning companies of the Airest group. The receivables from E.N.A.C. for capital investment grants amount to Euro 1.6 million and were entirely received in the initial months in 2014.

5. Trade receivables

31.12.2013 € 22,266 31.12.2012 € 37,933 change € (15,667) of which for reclassification to Discontinued Operations € (10,304)

This principally concerns receivables from airlines for aviation activities and receivables from sub-agents for commercial spaces at the transport infrastructure where the Group operates.

The table below illustrates the trade receivables and the relative bad debt provision:

(Euro thousands) 31.12.13 31.12.12 Change Trade receivables 26,771 56,853 (30,082) Bad debt provision (4,505) (18,920) 14,415 Total trade receivables 22,266 37,933 (15,667)

The Group bad provision amounts to Euro 4.5 million; this considers both the analysis of individual positions, for a number of which a credit recoverability risks exists, and an analysis concerning the aging of the receivable. This is in line with the valuation methods applied over

time. The change in the year refers principally to “netting” carried out on the gross receivable positions in the year. The movements in the bad debt provision during the year were as follows:

(Euro thousands) Balance at 31/12/2012 (18,920) Offsetting 10,554 Utilisations and other movements 1,683 Provisions (1,072) Reclass. to Discontinued Operations 3,250 Balance at 31/12/2013 (4,505)

An analysis of the aging of trade receivables of the Group at December 31, 2013 is reported below:

Trade receivables from Due 30-60 Due 60-90 Due 90-120 Due > 120 third parties Total Not yet due Due < 30 Days Days Days Days Days Dec. 31-13 Net receivables 22,266 9,684 5,134 2,835 1,826 296 2,491

Trade receivables from Due 30-60 Due 60-90 Due 90-120 Due > 120 third parties Total Not yet due Due < 30 Days Days Days Days Days Dec. 31-12 Net receivables 37,933 17,653 3,841 3,938 2,418 1,317 8,766

The monitoring and ongoing reminder activities continued in order to limit credit risk. In relation to trade receivables, it is considered that, following the actions, also of a legal nature, undertaken for credit protection and receipt, based on the information currently available, supported by the legal experts handling the relative disputes and in view of the guarantees received, including sureties, the net value indicated above prudently reflects the expected realisable value. Trade receivables are reported at their book value net of write-downs; it is considered that this value reasonably approximates the fair value of such receivables, as at Group level there are no medium/long-term receivables which require discounting.

6. Inventories

31.12.2013 € 1,225 31.12.2012 € 13,694 change € (12,469) of which for reclassification to Discontinued Operations € (15,720)

The value of inventories substantially relates to the Parent Company and concerns material inventories for airport activities.

Non-current assets

The account is comprised as follows:

31.12.2013 € 305,854 31.12.2012 € 522,517 change € (216,663) of which for reclassification to Discontinued Operations € (225,833)

7. Property, plant & equipment

31.12.2013 € 53,995 31.12.2012 € 117,841 change € (63,846) of which for reclassification to Discontinued Operations € (68,815)

The account, before the reclassification to Discontinued Operations, reports movements of Euro 4.5 million due to new investments of approx. Euro 19.8 million, net of depreciation of Euro 14.3 million; the residual change principally concerns the change to the consolidation scope.

8. Intangible assets

31.12.2013 € 192,734 31.12.2012 € 322,585 change € (129,851) of which for reclassification to Discontinued Operations € (133,160)

The accounts “Airport Concessions rights”, “Concessions”, “Intangible assets with finite useful life” and “Goodwill - other intangible assets with indefinite useful life” are reported separately.

In particular:

(Euro thousands) 31.12.13 31.12.12 Change Airport Concessions rights 183, 993 176, 564 7,429 Concessions - 78, 717 (78,717) Other intangible assets with finite life 1, 764 5, 293 (3,529) Goodwill – other intangible assets with indefinite 6, 977 62, 011 (55,034) life Total intangible assets 192, 734 322, 585 (129,851)

The composition of these intangible assets is outlined in Attachment “A”, which highlights the historic cost, accumulated amortisation and net values, for each asset category.

The zero balance of the “Concessions” account is due to the reclassification to Discontinued Operations.

The breakdown of the account Goodwill, with reference to the cash-generating units deriving from the acquisition operations which generated the value, is outlined below:

(Euro thousands) 31.12.13 31.12.12 Change Austrian group Airest - 9,321 (9,321) Ristop S.r.l. - 37,652 (37,652) Aer Tre S.p.A. 6, 937 6,937 - N-Aitec S.r.l. 40 40 - Czech Republic a.s. - 4,021 (4,021) R&M. S.r.l. - 152 (152) V.I.F. S.r.l. - 234 (234) Airest Collezioni Sàrl - 2,888 (2,888) Airest Restaurant Middle East Llc - 766 (766) Total Goodwill 6, 977 62,011 (55,034)

The reduction is entirely due to the reclassification to Discontinued Operations. In order to establish the recoverability of the amounts recognised both to Goodwill and Concessions, the Company carried out impairment tests, the results of which are outlined in the paragraph “Recoverability of assets or group of assets”, to which reference should be made.

9. Investments

31.12.2013 € 27,299 31.12.2012 € 25,683 change € 1,616 of which for reclassification to Discontinued Operations € (1)

The “Investments in companies valued at equity” and “Other investments” are reported separately.

(Euro thousands) 31.12.13 31.12.12 Change Investments in companies valued at Equity 26,250 24,498 1,752 Othermethod investments 1,049 1,185 (136) Total investments 27,299 25,683 1,616

“Investments valued at equity” are outlined below.

(Euro thousands) % held 31.12.13 31.12.12 Change Nicelli S.p.A. 49.23 367 367 - Venezia Terminal Passeggeri S.p.A. 22.18 7, 601 6,821 780 GAP S.p.A. 49.87 255 292 (37) Brussels South Charleroi Airport SA 27.65 17, 911 16,928 983 2A – Airport Advertising S.r.l. 50.00 116 90 26 Tot. investments valued at equity 26, 250 24,498 1,752

The valuation at equity of the companies Brussels South Charleroi Airport SA and VTP S.p.A. resulted in an increase in the value of the investment for Euro 1.8 million, as the combined effect of the pro-quota revaluation following the net profit in the year and the approval of the dividend on the net profit for the previous year.

“Other investments” are outlined in the table below.

(Euro thousands) Held % 31.12.13 31.12.12 Change 3A – Advanced Airport Advisory S.r.l. held100 10 10 - Others = 1,039 1,175 (136) Total other investments 1,049 1,185 (136)

10. Other assets

31.12.2013 € 3,853 31.12.2012 € 9,300 change € (5,447) of which for reclassification to Discontinued Operations € (5,741)

This account includes receivables for deposits on utilities and deposits on rental contracts. A receivable for guarantees paid to ENAC by Aer Tre S.p.A. under advanced airport occupancy totals approx. Euro 2.9 million, calculated as 10% of the monthly fees.

A breakdown is provided in the following table:

(Euro thousands) 31.12.13 31.12.12 Change Other guarantee deposits 953 1,111 (158) Contractual advances - 3,729 (3,729) ENAC guarantee deposits 2,900 2,820 80 Other assets - 1,640 (1,640) Total 3,853 9,300 (5,447)

11. Deferred tax assets

31.12.2013 € 27,973 31.12.2012 € 47,108 change € (19,135) of which for reclassification to Discontinued Operations € (18,116)

Deferred tax assets have a total value of Euro 27.9 million and are fully utilisable in the medium/long-term period. The principally temporary differences on which deferred tax assets are recognised concern: deferred tax assets on the realignment of the higher tax values allocated to goodwill and concessions, in application of Article 15, paragraph 10 bis of Legislative Decree No. 185/2008; fiscally deductible provisions in subsequent periods such as the assets under concession replacement provision, the risks and charges provision and the bad debt provision; tax losses carried forward; adjustments related to the application of international accounting standards (principally non-capitalised non-current charges); write-down of intangible assets and other amortisation deductible in subsequent periods; other consolidation adjustments which generate deferred tax assets.

The tables below outline the categories which result in the recognition of deferred tax assets, broken down between IRES and IRAP:

DEFERRED TAX ASSETS (€/000) TAXABLE BASE INCOME TAXES Rate 27.5% 31/12/2012 INCREASES DECREASES 31/12/2013 31/12/2012 INCREASES DECREASES 31/12/2013 Bad debt provision 5,248 61 1,491 3,818 1,439 16 405 1,050 Depreciation, amortisation and write-downs 2,083 78 345 1,816 528 21 51 499 Capitalised charges 3,124 3 787 2,340 860 1 216 644 Losses to be c/fwd 3,199 285 1 3,483 880 78 0 958 Provision for renewal of airport concession rights 12,494 2,630 3,711 11,413 3,763 723 1,021 3,466 Provision for risks and other deferred deductibility costs 3,737 1,512 998 4,251 1,027 415 274 1,169 Goodwill amortisation 6,937 - - 6,937 1,908 - - 1,908 Concession amortisation 62,877 - - 62,877 17,291 - - 17,291 Other 38 12 - 49 16 1 4 13 Bal. deferred tax assets - IRES from Continuing Operations 99,737 4,581 7,333 96,984 27,712 1,254 1,971 26,998

Bal. defer. tax assets - IRES from Disontinued Operations 58,547 8,642 7,406 59,783 16,426 1,901 2,036 16,291

Total 158,284 13,223 14,739 156,767 44,138 3,155 4,007 43,289

TAXABLE BASE INCOME TAXES Rate 3.9%- 4.2% 31/12/2012 INCREASES DECREASES 31/12/2013 31/12/2012 INCREASES DECREASES 31/12/2013 Depreciation, amortisation and write-downs 1,521 - 2 1,519 74 - 0 74 Capitalised charges 1,111 3 101 1,013 45 0 4 41 Provision for renewal of airport concession rights 11,021 2,898 1,968 11,951 510 122 83 550 Provision for risks and other deferred deductibility costs 433 436 5 864 17 18 0 35 Goodwill amortisation 6,937 - - 6,937 271 - - 271 Other 49 39 - 88 2 3 1 4 Bal. deferred tax assets - IRAP from Continuing Operations 21,072 3,376 2,076 22,372 920 143 88 975

Bal. defer. tax assets - IRAP from Disontinued Operations 37,799 715 5,028 33,487 2,050 31 256 1,825

Total 58,871 4,091 7,104 55,859 2,970 174 344 2,800 TOTAL CHANGES IN DEFERRED TAX ASSETS 28,632 1,397 2,059 27,973

LIABILITIES

Current Liabilities

31.12.2013 € 183,099 31.12.2012 € 176,302 change € 6,797 of which for reclassification to Discontinued Operations € (133,031)

The account is comprised as follows:

12. Trade payables

31.12.2013 € 27,324 31.12.2012 € 71,509 change € (44,185) of which for reclassification to Discontinued Operations € (37,512)

Payables principally concern Italian suppliers. Trade payables are reported at their book value, which approximates their reasonable fair value, as at Group level the amount of medium-long-term payables are insignificant and therefore do not require discounting processes.

13. Other payables

31.12.2013 € 37,200 31.12.2012 € 42,155 change € (4,955) of which for reclassification to Discontinued Operations € (28,479)

The account includes, in addition to payables on account and for VAT, personnel payables for deferred compensation. The following table provides greater details on the account “Other Payables”.

(Euro thousands) 31.12.13 31.12.12 Change Associated companies 176 2,558 (2,382) Group companies 5,426 0 5,426 Payments on account 316 273 43 Centostazioni group companies - 4,892 (4,892) Personnel for deferred compensation 4,788 8,977 (4,189) VAT - 63 (63) Airport concession fee 15,131 10,605 4,526 Additional municipal tax 8,431 8,792 (361) Other payables 2,932 5,995 (3,063) Total 37,200 42,155 (4,955)

14. Tax payables

31.12.2013 € 1,533 31.12.2012 € 2,838 change € (1,305) of which for reclassification to Discontinued Operations € (1,433)

The 2013 balance principally includes Euro 0.9 million for employee withholding taxes.

100

(Euro thousands) 31.12.13 31.12.12 Change Payables for employee withholding taxes 879 1,714 (835) Other tax payables 393 476 (83) Payables for direct taxes/income taxes 261 648 (387) Total 1,533 2,838 (1,305)

15. Payables to social security institutions

31.12.2013 € 2,986 31.12.2012 € 6,001 change € (3,015) of which for reclassification to Discontinued Operations € (3,067)

16. Bank payables

at 31.12.2013 € 112,142 31.12.2012 € 52,139 change € 60,003 of which for reclassification to Discontinued Operations € (35,177)

The account is comprised as follows:

(Euro thousands) 31.12.13 31.12.12 Change Ordinary current accounts 40 5,575 (5,535) Current portion of bank loans 112,102 36,616 75,486 Short-term advances - 9,948 (9,948) Total 112,142 52,139 60,003

The nominal portion of loans due within 12 months totals Euro 112.1 million. The following table provides a breakdown of bank credit lines utilised and available at December 31, 2013.

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Type Granted Used Residual Cash credit facilities 55,180 (40) 55,140 Endorsement credit 12,029 (3,093) 8,936 Cash and credit commitment 2,500 0 2,500 Finance lease 183 (183) 0 Mortgages / loans 159,388 (159,388) 0 Total 229,280 (162,704) 66,576

17. Other financial liabilities – current portion

31.12.2013 € 1,914 31.12.2012 € 1,660 change € 254 of which for reclassification to Discontinued Operations € (27,365)

The account principally includes payables of the subsidiary Archimede 1 S.p.A. to minority shareholders for loans for a total of Euro 1.8 million. The account residually includes the current portion of the residual payable for leasing contracts in place at December 31, 2013 and the payable deriving from the fair value measurement of I.R.S. derivative financial instruments for a total of Euro 0.1 million.

The following table provides a breakdown of the account:

(Euro thousands) 31.12.13 31.12.12 Change Fin. pay. for fair value meas. deriv. instruments 81 165 (84) Fin. pay. for leasing contracts – current portion 38 684 (646) Payables to minority shareholders for loans 1,795 441 1,354 Other financial payables - 370 (370) Total 1,914 1,660 254

The Group holds financial derivatives in order to cover its exposure to interest rate risk regarding specific liabilities (cash flow hedges). The Group has not undertaken speculative derivative operations; however, in the absence of the documental and formal requirements, these operations, although qualifiable as hedging operations, are not considered such in strict application of the accounting standards. The accounting methodologies applied require that the fair value changes are recognised to the income statement. For a breakdown of derivative instruments at Group level, reference should be made to Note 39 of the financial statements concerning “Type of financial risks and management”.

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Non-current liabilities

31.12.2013 € 84,866 31.12.2012 € 136,344 change € (51,478) of which for reclassification to Discontinued Operations € (46,456)

The account is comprised as follows:

18. Other payables

at 31.12.2013 € - 31.12.2012 € 292 change € (292) of which for reclassification to Discontinued Operations € (251)

19. Bank payables – less current portion

31.12.2013 € 46,029 31.12.2012 € 86,612 change € (40,583) of which for reclassification to Discontinued Operations € (19,283)

Non-current bank payables comprise the medium/long-term portion of loans undertaken by the Group and outstanding at December 31, 2013. The value of loan installments due within one year totals Euro 112.1 million and beyond one year amount to Euro 46 million, of which Euro 7.6 million beyond five years. Medium-long-term bank loans, including the portion maturing within 12 months (Euro 112.1 million), amounts to Euro 158.1 million, inclusive of Euro 1.3 million for up-front fees paid on the signing of loan contracts and recognised as a reduction in value of such loans, based on the amortised cost criterion. Medium/long-term loans are subject to hedging against interest rate risk for approx. 4.1% of their overall capital portion value. In 2013 loans were repaid for Euro 19.2 million and new loans issued totalling Euro 100 million. The additional change concerns the transfer from long to short-term of loans with irregular payment schedules.

The breakdown, by calendar year, of medium-long-term loans including the current portion, was as follows:

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Maturity Principal Up-front fees Interest (*) Total 31/12/2014 112,802 (700) 3,079 115,181 31/12/2015 12,239 (202) 1,323 13,360 31/12/2016 10,577 (156) 996 11,417 31/12/2017 8,077 (110) 702 8,669 31/12/2018 8,077 (67) 422 8,432 31/12/2019 7,616 (22) 143 7,737 Total medium/long term bank 159,388 (1,257) 6,665 164,796 loans

(*) the interest indicated is estimated based on the last rate applied to the various loans outstanding.

Medium/long-term loans in place at December 31, 2013 comprise:

• a loan undertaken by SAVE S.p.A. for an original value of Euro 12.5 million, subscribed in 2005 and issued in December 2006 for the purchase of lands adjacent to the Venice airport for future development. This loan provides for payment in bi-annual installments between June 2007 and December 2016 and is covered by a mortgage guarantee on land purchased in 2005. The rate applied considers a spread on the Euribor at 6 month rate. The residual value at December 31, 2013 was Euro 3.75 million;

• a loan held by Save S.p.A., granted in mid February 2011 for Euro 4.5 million. The loan will be repaid in 8 half-yearly installments, beginning August 22, 2011 and concluding January 22, 2015. The interest rate applied is based on the Euribor increased by a spread. At December 31, 2013, the residual payable amounted to Euro 1.7 million. A non-speculative hedge against interest rate risk for 100% of the loan was undertaken;

• at the end of June 2012 a loan was granted to Save S.p.A. for a total of Euro 10 million, of which Euro 2 million disbursed at the end of June 2012 and Euro 8 million at the end of July 2012. An up-front fee was paid upon issue, recorded at amortised cost. The loan provides for compliance with a financial covenant concerning an NFP and EBITDA ratio lower than or equal to 3.5. This condition had been complied with at December 31, 2012. The loan was settled on December 27, 2013;

• in July 2012 a loan held by Save S.p.A. was converted from short to medium/long-term for Euro 5 million. The loan will be repaid in 8 half-yearly installments, beginning January 17, 2013 and concluding June 17, 2016. On amendment, an up-front fee was paid recorded under the amortised cost criterion. The interest rate applied is based on the Euribor increased by a spread. At December 31, 2013, the residual payable amounted to Euro 3.75 million. A non-speculative hedge against interest rate risk for 100% of the loan was subsequently undertaken;

• in October 2012 a further loan was drawn down by Save S.p.A. amounting to Euro 35 million. The loan will be repaid in 13 half-yearly installments, beginning October 9, 2013 and concluding October 09, 2019. An up-front fee was paid upon issue, recorded at amortised cost. The interest rate applied is based on the Euribor increased by a spread. At December 31, 2013, the residual payable amounted to Euro 32.3 million. The loan provides for the compliance with financial covenants concerning (i) an NFP and equity ratio lower than or equal to 1 (ii) an NFP and EBITDA ratio lower than or equal to 3 and (iii) an EBITDA and gross financial charges ratio of above or equal to 5. At the reporting date, these covenants have been complied with. Unsecured or secured guarantees were not issued against this loan; 104

• on December 5, 2013 a new short-term loan with a maturity on June 30, 2014 was granted to SAVE S.p.A. for a total amount of Euro 100 million; this loan was fully disbursed on December 12, 2013 and provides for quarterly payment of interest calculated at a rate based on the Euribor at 3 months increased by a spread. The loan permits advance voluntary repayment, also partially;

• Aer Tre S.p.A. drew down at the end of 2012 two loans respectively of Euro 6 million and Euro 11.5 million, fully disbursed in the year. Both loans provide for repayment over 7 years through half-yearly installments and interest calculated at a variable rate based on the Euribor at 6 months increased by a spread; the loan of Euro 6 million issued with support of EIB funds provides however for a lower spread than the other loan. On issue, an up-front fee recognised to the Consolidated Financial Statements in line with the valuation of financial liabilities at amortised cost was paid. In guarantee of these loans, SAVE S.p.A. committed to repay up to 50% of the residual debt. There are no related covenants. The residual value at December 31, 2013 respectively was Euro 5.1 million and Euro 10.6 million;

• on March 1, 2011 a loan of Euro 5.5 million was granted to the Company Belgian Airport S.A.. The loan will be repaid over 5 years with the last installment due on August 31, 2015. The repayment of the capital portion will be made annually, with the first installment paid on August 31, 2011 and the interest paid quarterly. The interest rate applied is based on the Euribor increased by a spread. The residual value at December 31, 2013 was Euro 2.2 million. This loan is guaranteed by a lien on shares held in portfolio (investment in Brussels South Charleroi Airport), with the undertaking subsequently from February 2012 of a non-speculative hedge against interest rates risk for 50% of the loan.

The financial liabilities concerning Discontinued Operations include the following loans:

• a loan held by Archimede 1 S.p.A. for an original amount of Euro 36 million to cover the financing of the acquisition of the investment in Centostazioni S.p.A., which established for an interest-only period of 2 years up tp June 30, 2008 and with maturity in 2016. The interest provides for a spread on the reference rate. The loan includes covenants concerning (i) a net debt and net equity ratio which must remain below 0.80; (ii) balance sheet covenants under which the net equity of the company must not reduce below Euro 51 million. The loan is guaranteed with a pro-quota surety of the Archimede 1 shareholders; the residual value of the loan at December 31, 2013 amounted to Euro 18.9 million. The loan for the acquisition of the holding in Centostazioni S.p.A. shall be settled on sale of the investment. As not all the financial obligations indicated above had been complied with at December 31, 2013, a waiver was requested from the bank;

• a loan undertaken by Airest S.p.A. for an original amount of Euro 10 million issued on December 20, 2013. This loan provides for bullet repayment at November 30, 2014 and payment of interest quarterly. The interest rate applied is the Euribor at 3 months increased by a spread. Unsecured or secured guarantees were not issued against this loan;

• a loan undertaken by Centostazioni S.p.A., issued in 2009 for Euro 14 million, with the share concerning the SAVE Group amounting to Euro 3.2 million at December 31, 2013, net of repayments made. This loan provides for half-yearly installments of increasing capital portions with settlement in 2018 and based on the Euribor at 6 months rate increased by a spread;

• a loan held by Centostazioni S.p.A., drawn down on June 15, 2011 for an amount of Euro 14 million, fully disbursed. The loan will be repaid over 8 years through 16 half-yearly installments, with maturity on May 31, 2019. The interest portion will be calculated at an annual interest rate

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equal to the Euribor at 6 months increased by a spread. The amount concerning the SAVE Group at December 31, 2013 was Euro 4 million, net of repayments made;

In 2012 Centostazioni S.p.A. drew down a further loan of Euro 6 million, fully disbursed. The loan will be repaid over 5 years through half-yearly installments with maturity on October 31, 2017. The interest portion will be calculated at an annual interest rate equal to the Euribor at 6 months increased by a spread. The amount concerning the SAVE Group at December 31, 2013 was Euro 1.9 million.

20. Other lenders – less current portion

31.12.2013 € 183 31.12.2012 € 3,082 change € (2,899) of which for reclassification to Discontinued Operations € (17,589)

Payables to other lenders, less the current portion, comprised for Euro 0.2 million the medium/long-term portion of the residual leasing contract outstanding at that date. A breakdown of finance leases in place is provided in the table below:

Contract Leasing Asset Maturity Redemption Short-term payable Long-term payable Company number compaany date Amount value Dec 31, 13 Dec 31, 13 Dec 31, 12 Dec 31, 13 Dec 31, 13 Dec 31, 12 Continuing Discontinued Continuing Discontinued Operations Operations Operations Operations Airest S.p.A 01353242 Unicredit Leasing Car 02/20/2016 31 0 7 17 Very Italian Food S.r.l. 912914 Leasint Machinery and plant 02/28/2014 328 3 3 68 0 3 Very Italian Food S.r.l. 913929 Leasint Specific plant 03/24/2014 55 1 2 11 0 2 Very Italian Food S.r.l. 912925 Leasint Specific plant 03/12/2014 83 1 2 17 0 2 Very Italian Food S.r.l. 913940 Leasint Specific plant 02/23/2014 188 2 2 39 0 2 Very Italian Food S.r.l. 908408 Leasint Property 07/01/2026 3,276 32 144 136 2,419 2,563 Very Italian Food S.r.l. 912880 Leasint Kilns and related equipment 04/04/2014 573 6 26 118 0 26 Very Italian Food S.r.l. 912917 Leasint Specific plant 04/05/2014 183 2 8 38 0 8 Very Italian Food S.r.l. 913931 Leasint Specific plant 04/11/2014 86 1 4 18 0 4 Very Italian Food S.r.l. 917104 Leasint Machinery and plant 04/22/2014 370 3 17 76 0 17 Very Italian Food S.r.l. 913919 Leasint Specific plant 08/01/2014 69 1 8 14 0 8 Very Italian Food S.r.l. 913936 Leasint Storage plant 03/01/2015 546 5 103 106 25 128 ACP S.p.A. 964196 Leasint Flight simulator 06/01/2019 310 3 38 37 183 221 Save Group Total 60 38 318 684 183 2,444 3,000

21. Deferred tax liabilities

at 31.12.2013 € 11,781 31.12.2012 € 16,595 change € (4,814) of which for reclassification to Discontinued Operations € (4,288)

Deferred tax liabilities amount to Euro 11.8 million. The principal reasons for recognition of deferred tax liabilities include: adjustments relating to the discounting of pension provisions in line with international accounting standards; adjustments concerning the first time adoption of IFRIC 12 "Service Concession Arrangements"; adjustments concerning the measurement of leases according to the finance criterion under IAS 17; amortisation & depreciation and other future deductible costs. 106

The following table highlights the basis for the recognition of deferred tax liabilities, broken down between IRES and IRAP:

DEFERRED TAX LIABILITIES

(€/000) TAXABLE BASE INCOME TAXES Rate 27.5% 31/12/2012 INCREASES DECREASES 31/12/2013 31/12/2012 INCREASES DECREASES 31/12/2013 Post-employment benefit provision 533 406 51 178 155 117 14 52 Finance lease 8,837 325 - 8,512 2,432 89 - 2,343 Other amortisation and depreciation 522 56 - 466 144 15 - 128 Accumulated amortisation airport concession rights 27,614 475 860 27,999 7,593 132 238 7,699 Other provisions 132 6 51 177 39 5 15 49 Balance defer. tax liabilities - IRES from Continuing Operations 37,638 1,268 962 37,332 10,363 358 267 10,271

Bal. defer. tax liabilities - IRES from Discontinuing Operations 21,978 2,525 720 20,173 4,588 608 185 4,165

Total 59,616 3,793 1,682 57,505 14,951 966 452 14,436

(€/000) TAXABLE BASE INCOME TAXES Rate 3.9% - 4.20% 31/12/2012 INCREASES DECREASES 31/12/2013 31/12/2012 INCREASES DECREASES 31/12/2013 Finance lease 8,837 322 - 8,515 342 13 - 329 Accumulated amortisation airport concession rights 27,614 475 860 27,999 1,160 21 36 1,175 Other Provisions 124 6 - 118 6 1 - 5 Balance defer. tax liabilities - IRAP from Continuing Operations 36,575 803 860 36,632 1,508 35 36 1,509

Bal. defer. tax liabilities - IRAP from Discontinuing Operations 3,367 789 444 3,022 136 31 18 123

Total 39,942 1,592 1,304 39,654 1,644 66 54 1,632

TOTAL DEFERRED TAX LIABILITIES 11,871 393 303 11,781

22. Post-employment benefits and other employee provisions

at 31.12.2013 € 3,812 31.12.2012 € 7,134 change € (3,322) of which for reclassification to Discontinued Operations € (3,878)

The change in the post-employment benefit liabilities at December 31, 2013 are outlined below:

(Euro thousands)

Balance at 31/12/2012 7,134 Use and other changes (276) Advances granted and transfers (279) Payments to supplementary provisions and INPS treasury (3,755) Substitute tax Article 11 of Legislative Decree 47/2000 (14) Provisions and revaluations 4,272 Actuarial changes 608 Reclassified to Discontinued Operations (3,878) Balance at 31/12/2013 3,812

The Group applied retrospectively, in accordance with the transitory provisions of the standard, the amendment to IAS 19 concerning the recognition of actuarial profits and losses of defined benefit plans to the comprehensive income statement. This amendment therefore required the 107

restatement of the 2012 comparative income statement and comprehensive income statement against the impact on the result. The consolidated balance sheet however was not restated as concerning only a reclassification within the equity accounts. The actuarial valuation of the Post-Employment Benefit is prepared based on the “matured benefits” method through the Projected Unit Credit Method in accordance with IAS 19. Under this method the valuation is based on the average present value of the pension obligations matured based on the employment service up to the time of the valuation, without projecting the remuneration of the employee in accordance with the regulatory modifications introduced by the Pension Reform. The method can be divided into the following components: - projection for each employee in service at the measurement date, of the post-employment benefit already provisioned which will mature up to the payment date; - determination for each employee of the probable post-employment benefit payments which will be made by the company in the case of the employee leaving due to dismissal, resignation, injury, death or pension, as well as the advanced payments requested; - discounting, at the measurement date, of each probable payment. For the actuarial calculation of the post-employment benefit provision, the Group utilised the valuations of an independent actuary, carried out on the basis of the following fundamental assumptions: mortality rate: IPS55 tables invalidity rate: INPS – 2000 tables employee turnover rate: 1.5% discount rate: 3.17% growth rate of salaries: 2% advances rate 1% inflation rate: 2%

23. Other provisions for risks and charges

31.12.2013 € 23,061 31.12.2012 € 22,629 change € 432 of which for reclassification to Discontinued Operations € (1,166)

The account comprises:

(Euro thousands) 31.12.13 31.12.12 Change Provisions for risks and charges 2,990 3,489 (499) Provision for non-consolidated investments - 121 (121) Assets under concession replacement provision 20,071 19,019 1,052 Total other provisions for risks and charges 23,061 22, 629 432

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Provision for risks and charges

The movements in the provision during the year were as follows:

(Euro thousands) Balance at 31/12/2012 3,489 Utilisations and other changes (792) Provisions for risks and future charges 1,274 Reclassification to Discontinued Operations (981) Balance at 31/12/2013 2,990

This account concerns the provisions to cover contingent liabilities of the company, principally potential and current disputes with employees and public bodies.

The provisions are considered sufficient to cover legal case and dispute risks of a specific nature where the Group is plaintiff or respondent, based on a reasonable estimate according to the available information and having consulted with legal experts.

Assets under concession replacement provision

at 31.12.2013 € 20,071 31.12.2012 € 19,019 change € 1,052 of which for reclassification to Discontinued Operations € -

This concerns an estimate for the necessary maintenance and replacement of assets under concession, which require free transfer to the State in optimal working condition on the conclusion of the Group airport concessions. Almost the entire provision concerns cyclical replacement and maintenance at the Venice and Treviso airports. In fact, following the definitive awarding to Aer Tre S.p.A. of the forty-year concession for the total management of Canova Airport of Treviso, with effect from April 16, 2013, full application of IFRIC 12 began, also in relation to assets held under the concession granted. The assets under concession replacement provision was therefore restated, with inclusion of the amounts necessary for initial maintenance or replacement of all assets comprising the infrastructure held, in addition to the relative tax effects. The replacement provision concerning the airports of Venice and Treviso is based on a technical valuation of the estimated future costs concerning the necessary maintenance of the assets for which free transfer must take place on conclusion of the concession and was utilised according to the maintenance carried out in the period. The provision was increased by Euro 3 million in the year for the allocation concerning the period and utilised for Euro 2 million. For an outline of the effects concerning the prospective application of IFRIC 12 on the subsidiary Aer Tre, reference should be made to the "Accounting principles".

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Shareholders’ Equity

24. Shareholders’ Equity

at 31.12.2013 € 242,875 31.12.2012 € 347,377 change € (104,502)

The Shareholders’ equity comprises the Group Shareholders’ equity of Euro 213.5 million and Minority interest shareholders’ equity for Euro 29.4 million. The Group Shareholders’ equity is broken down as follows:

Share capital

at 31.12.2013 € 35,971 31.12.2012 € 35,971 change € -

The share capital, amounting to Euro 36 million, comprises 55,340,000 shares of a nominal value of Euro 0.65 and is fully paid-in.

Share premium reserve

at 31.12.2013 € 57,851 31.12.2012 € 130,351 change € (72,500)

The account comprises the share premium recognised and paid following the initial public offering of 2005, net of the costs incurred for the stock market listing. The decrease in the year relates to the extraordinary distribution of the Shareholders’ equity reserve approved by the Shareholders’ AGM of November 19, 2013.

Legal reserve

at 31.12.2013 € 7,194 31.12.2012 € 7,194 change -

110

Treasury shares reserve

at 31.12.2013 € (27,176) 31.12.2012 € (18,527) change (8,649)

The Group holds at December 31, 2013, directly through SAVE S.p.A., 3,371,743 treasury shares for a book value of Euro 27.176 million. In 2013, SAVE S.p.A. purchased 696,589 treasury shares for a nominal value of Euro 452,783 thousand, comprising 1.259% of the share capital for a total amount of Euro 8.649 million.

The table below shows the reconciliation of the number of shares outstanding at the beginning and at the end of the year, as required by IAS 1, paragraph 76 (the nominal values of shares in circulation are expressed in rounded Euro):

Total number of Treasury shares Outstanding Par value per Total par value of shares held shares share outstanding shares (A) (B) (C) = (A - B) D E = C*D At 31/12/2012 55,340,000 2,675,154 52,664,846 0.65 34,232,150 Shares acquired in the year 696,589 (696,589) 0.65 (452,783) At 31/12/2013 55,340,000 3,371,743 51,968,257 0.65 33,779,367

Other reserves and retained earnings

at 31.12.2013 € 114,892 31.12.2012 € 133,730 change (18,838)

The movement in "Other reserves and retained earnings" principally concerns the net profit in 2012, the distribution of dividends approved by the Shareholders’ AGM of April 22, 2013 for Euro 23 million and the extraordinary distribution of the Shareholders' equity reserves approved by the Shareholders' Meeting of November 19, 2013 for a further Euro 27.5 million.

Minority interest shareholders’ equity

The Minority interests shareholders’ equity concerns the share of Shareholders’ equity and the net result for the year of the subsidiaries not fully held.

at 31.12.2013 € 29,389 31.12.2012 € 26,683 change 2,706

The change in minority interest shareholders' equity principally relates to the result in the year and the change in the consolidation scope. 111

Reconciliation between Parent Company and Consolidated net equity and net profit

The following table contains a reconciliation between the net equity and net profit of the Parent Company SAVE S.p.A. and the corresponding figures from the SAVE Group consolidated financial statements. Net equity Result for Net equity €/000 Dec 31, 13 year Dec 31, 12 SAVE S.p.A. financial statements (Parent Company) 250,602 37,111 155,974 Derecognition of the value of consolidated equity investments 61,972 (1,101) 47,920 Derecognition of profits earned on sale of assets and intra-group equity investments 369 (31) 338 Derecognition of dividends (12,720) Effect of equity investments carried at equity 8,111 1,408 9,529 Other transactions 147 44 188 Tax effects on consolidation adjustments (507) 44 (463) Net equity and profit pertaining to the Group 320,694 24,754 213,486 Minority interest 26,683 1,089 29,389 Net equity and result for the year of the consolidated financial statements 347,377 25,843 242,875

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ANALYSIS OF THE PRINCIPAL INCOME STATEMENT ACCOUNTS (where not otherwise specified, the amounts are expressed in thousands of Euro)

The principal 2013 separate income statement accounts are compared with 2012 below. The Group reclassified the assets and liabilities for which disposal is scheduled within one year to "assets and related liabilities held-for-sale". For the 2013 and 2012 income statement, the revenues and costs concerning the business areas were deconsolidated line-by-line and the result presented on a single line in the income statement.

OPERATING REVENUE AND OTHER INCOME

25. Operating revenue and other income

2013 € 145,470 2012 € 133,523 change € 11,947

Operating revenue

2013 € 137,156 2012 € 125,535 change € 11,621

Other income

2013 € 8,314 2012 € 7,988 change € 326

This account principally includes revenues from the use of the airport spaces and the recharging of condominium costs to sub-licensees. For a detailed analysis of revenues and income, reference should be made to the Director’s Report.

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COSTS OF PRODUCTION

2013 € 101,548 2012 € 94,555 change € 6,993

The costs of production are broken down in the following table:

26. Raw materials and goods

2013 € 2,000 2012 € 2,117 change € (117)

27. Services

2013 € 33,844 2012 € 33,418 change € 426

The following table, prepared in accordance with Article 149-duodecies of the Consob Issuers' Regulation, reports the fees concerning 2013 for services provided to the SAVE Group by the independent audit firms and their relative network.

Type of service Party providing the service Company Total Group Audit Reconta Ernst & Young Parent Company 120,494 Audit Reconta Ernst & Young Subsidiaries 151,400 Audit Ernst & Young GmbH Subsidiaries 45,000 Audit Ernst & Young d.o.o Subsidiaries 6,500 Audit PriceWaterhouseCoopers Subsidiaries 43,607 Audit Shaghai Gong Zheng Certified Public Accountants Co., Ltd. Subsidiaries 5,270 Audit VGD-AUDIT s.r.o. Subsidiaries 18,741 Audit Ernst & young SA Subsidiaries 15,283 Audit Ernst & young Réviseurs d'Entreprises SCCRL Subsidiaries 7,635 Other services Reconta Ernst & Young Parent Company 21,500 Other services Studio Legale Tributario Parent Company 69,750 Other services (Due Diligence) Reconta Ernst & Young Parent Company 55,000 Other services (IT Audit) Ernst & Young Financial-Business Advisor S.p.A. Parent Company 14,300 Other services Studio Legale Tributario Subsidiaries 36,500 Other services Reconta Ernst & Young Subsidiaries 14,000 Other services Ernst & Young GmbH Subsidiaries 75,000 Other services VGD s.r.o. Subsidiaries 4,922 Total fees 704,902

28. Lease and rental costs

2013 € 8,144 2012 € 4,780 change € 3,364

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They consist of:

(Euro thousands) 2013 2012 Change Airport concession fee 7,636 4,086 3,550 Rentals and other 508 694 (186) Total lease and rental costs 8,144 4,780 3,364

The airport concession fee increased Euro 3.5 million due to entry into force of the "Regulatory Agreement" from March 11, 2013 (approved by the Board of Directors of ENAC on October 19, 2012 and published in the Official Gazette on January 10, 2013), which establishes for the payment of the entire fee established (previously reduced by 75%), against the increased tariffs recognised.

29. Personnel costs

2013 € 41,414 2012 € 39,121 change € 2,293

30. Depreciation, amortisation and write-downs

2013 € 10,582 2012 € 11,084 change € (502)

This account comprises:

(Euro thousands) 2013 2012 Change Amortisation 6,649 7,341 (692) Depreciation 3,933 3,743 190 Total amortisation & depreciation 10,582 11,084 (502)

Following the definitive awarding to Aer Tre S.p.A. of the forty-year concession for the total management of Canova Airport of Treviso, with effect from April 16, 2013, full application of IFRIC 12 began, also in relation to assets held under the concession granted. A restatement of this intangible asset was therefore made, through application of straight-line amortisation, exclusively on the basis of the concession duration, in place of amortisation calculated on the lower between this latter and the useful life of the asset subject to amortisation, for total reduced amortisation of Euro 863 thousand.

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31. Write-down of current assets

2013 € 113 2012 € 40 change € 73

The account "write-down of current assets" includes the bad debt provision; in calculating the allocation, account was taken of the provision compared to total overdue receivables. The provisions cover the risk concerning specific positions for which payment difficulties may arise.

32. Change in inventory of raw materials and goods

2013 € 96 2012 € (258) change € 354

Change in inventories principally concerns consumable material stores.

33. Provisions for risks

2013 € 892 2012 € 483 change € 409

Reference should be made to the note "Other risks and charges provisions" for further comment.

34. Assets under concession replacement provision

2013 € 3,018 2012 € 2,420 change € 598

35. Other charges

2013 € 1,445 2012 € 1,350 change € 95

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Other operating charges comprise:

(Euro thousands) 2013 2012 Change Sector association contributions 318 298 20 Taxes 492 456 36 Charitable donations 105 48 57 Other costs 530 548 (18) Total other charges 1,445 1,350 95

FINANCIAL INCOME AND CHARGES AND PROFIT/LOSSES FROM ASSOCIATED COMPANIES VALUED AT EQUITY

36. Financial income and charges

2013 € 3,773 2012 € 5,839 change € (2,066)

"Financial income and charges" are broken down as follows:

(Euro thousands) 2013 2012 Change Financial income & reval. of financial assets 3,195 3,775 (580) Int., oth. fin. charges & write-down of fin. assets (3,190) (2,043) (1,147) Profit/losses associates at equity 3,768 4,107 (339) Total financial income and charges 3,773 5,839 (2,066)

For a further breakdown of the nature of the accounts included in the previous categories, reference should be made to the following tables.

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Financial income and revaluation of financial assets

(Euro thousands) 2013 2012 Change Interest income from bank accounts 1,257 471 786 Other interest income (including in arrears) 55 11 44 Fair value meas. hedging instr. recorded to P&L 91 39 52 Income from securities recorded in assets 0 37 (37) Gain on the sale of investments 690 2,459 (1,769) Interest income from Group companies 1,102 758 344 Total 3,195 3,775 (580)

The principal changes in financial income compared to the previous year concern the gain in the previous year from the sale of the investment held by Archimede 3 S.r.l. in “Società delle Autostrade di Venezia e Padova S.p.A.” and the sale of shares in portfolio. Income from the sale of shares in portfolio amounted to Euro 0.7 million and higher interest income based on increased liquidity available amounted to Euro 0.8 million.

Interest, other financial charges and write-down of financial assets

(Euro thousands) 2013 2012 Change Interest charges on bank current accounts (246) (309) 63 Other interest charges (including in arrears) (76) (110) 34 Interest expense on loans (2,492) (1,036) (1,456) Fair value of hedges through Income Statement (6) (141) 135 Other financial expenses (365) (89) (276) Exchange gains/losses (1) 0 (1) Write-down of invest. in non-consol. companies 0 (351) 351 Interest charges from leasing measurement (4) (7) 3 Total (3,190) (2,043) (1,147)

Financial charges increased Euro 1.2 million compared to 2012, principally due to the higher recourse to banks at the end of 2012, whose effects became apparent in the year under consideration. The change in profit and losses concerning the valuation of associated companies at equity is provided in the following table:

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Profit/losses from associated companies valued at equity

(Euro thousands) 2013 2012 Change Valuation at equity of GAP S.p.A. (37) 2 (39) Valuation at equity of VTP S.p.A. 1,114 1,046 68 of which dividends received by VTP S.p.A. 334 314 20 Valuation at equity of BSCA SA 2,665 2,975 (310) of which dividends received by BSCA SA 1, 682 1, 884 (202) Valuation at equity of 2A 26 85 (59) Total 3, 768 4, 107 (339)

INCOME TAXES

37. Income taxes

2013 € 15,313 2012 € 12,224 change € 3,089

Income taxes for the year are broken down as follows:

(Euro thousands) 2013 2012 Change Current taxes 14,543 12,706 1,836 Deferred tax income & charges 770 (483) 1,253 Total income taxes 15,313 12,224 3,089

The analysis of tax adjustments, resulting in a change in the effective tax rate compared to the notional rate, is outlined in the following table.

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Tax rate reconciliation (Euro thousands) 2013 % 2012 %

Pre-tax result 47,695 44,807 Notional taxes 13,116 27.50% 12,322 27.50% Actual taxes 15,313 32.11% 12,224 27.28% Net result 32,382 67.89% 32,583 72.72%

Difference 2,197 4.61% (98) -0.22%

1) different rates in force in other countries 2) permanent differences: i) IRAP and other local taxes 3,498 7.33% 3,182 7.10% ii) dividend taxation (358) -0.75% (562) -1.25% iii) other non-deductible costs / exempt income (47) -0.10% (428) -0.96% iv) taxes for previous years 78 0.16% 5 0.01% v) effect of measurement of equity investments (847) -1.78% (711) -1.59% vi) finance lease and goodwill amortisation vii) IRES refund from IRAP (1,304) -2.91% viii) tax effect of realignment of differences on extraordinary transaction ix) exempt capital gains (188) -0.39% (313) -0.70% x) deferred effect on revaluations not booked in P&L 61 0.13% 33 0.07%

Total 2,197 4.61% (98) -0.22%

RESULT FOR THE YEAR

2013 € 25,843 2012 € 33,534 change € (7,691)

The Group and minority interest results are broken down as follows:

(Euro thousands) 2013 2012 Change Consolidated Net Profit 25,843 33,534 (7,691) Minority interest loss (profit) (1,089) (1,559) 470 Group Net Profit 24,754 31,975 (7,221)

38. Discontinued Operations

During the year, management decided to focus on the investments held in Airest S.p.A. and Centostazioni S.p.A., exiting the Food & Beverage and Retail and Infrastructure Management business areas.

In addition, following management’s decision to focus Group activities on Airport Management, in the final quarter of 2013 a divestment process concerning the holding in Centostazioni S.p.A. was initiated, through Board of Directors motion of Archimede 1 S.p.A. in approval of the disposal. Based on this decision, the net assets of the Company were presented in the consolidated financial statements as “Assets held-for-sale” and “Liabilities related to assets held-for-sale” in accordance with IFRS 5. In relation to the presentation of the Discontinued Operations under IFRS 5, such were included in the Group consolidation scope.

These operations are considered as discontinued Operations, with consequent separate presentation in the consolidated financial statements of discontinued operations and continuing operations; as established by paragraph 15 of IFRS 5, discontinued operations are measured as the lower between the book value and the fair value.

The recognition of the operations resulted in: for 2013 and, for comparative purposes for 2012, the classification of the cost and revenue accounts concerning Discontinued Operations to “Profit/(loss) of Discontinued Operations” of the Income Statement; the reclassification of the relative current and non-current assets at December 31, 2013 to the account “Assets held-for-sale” of the Balance Sheet; the reclassification of the relative liabilities (excluding shareholders’equity) concerning the “Assets held-for-sale” at December 31, 2013 to the account “Liabilities related to assets held- for-sale” of the Balance Sheet.

The Continuing and Discontinued Operations are presented in the Income Statement and Balance Sheet accounts without considering inter-company eliminations. This choice was made in order to provide a more representative picture of the capital and financial position and of the results, as the principal commercial transactions with companies subject to disposal will continue also in the coming year, remaining therefore within the scope of continuing operations.

The table below outlines the assets, liabilities and the net result of the Discontinued Operations, in addition to the cash flows generated/absorbed. In relation to Centostazioni S.p.A., the residual loan was included in Discontinued Operations, as was the economic effect in the period, utilised for the acquisition of the investment in Centostazioni S.p.A., drawn down by Archimede 1 S.p.A. as this latter is centrally involved in the activity; the loan will be fully settled on disposal of the investment. In relation to the Airest Group, the result depends both on the net result achieved by the Group and the prudent adjustment under IFRS 5 to the fair value based on the best sales price estimate of the first 50%, which does not consider the potential upsides in the contract.

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Assets and liabilities of Discontinued Operations

At December 31, 2013 (in Euro thousands) Assets & liabilities related to Airest Group TOTAL Assets Centostazioni SpA Cash and cash equivalents 10,227 316 10,543 Other financial assets 215 215 Tax receivables 583 8 591 Other receivables 7,762 8,414 16,176 Trade receivables 6,523 3,781 10,304 Inventories 15,720 15,720 Total current assets 41,029 12,519 53,549 Assets held-for-sale Property, plant, equipment 49,117 19,698 68,815 Intangible assets 76,121 57,039 133,160 Investments in associates carried at equity Other investments 1 1 Other assets 4,514 1,227 5,741 Deferred tax assets 17,462 654 18,116 Total non-current assets 147,215 78,618 225,833 TOTAL ASSETS 188,244 91,138 279,382 Liabilities Trade payables 32,645 4,867 37,512 Other payables 22,674 5,805 28,479 Tax payables 1,317 116 1,433 Payables to social security institutions 2,797 269 3,067 Bank payables 26,305 8,872 35,177 Other lenders - current portion 27,365 27,365 Total current liabilities 113,102 19,929 133,031 Liabilities related to assets held-for-sale Other payables 251 251 Bank payables less current portion 19,283 19,283 Other lenders less current portion 17,589 17,589 Deferred tax liabilities 4,288 4,288 Post-employment benefits and other employee provisions 3,667 211 3,878 Other provisions for risks and charges 599 567 1,166 Total non-current liabilities 26,143 20,313 46,456 TOTAL LIABILITIES 139,244 40,242 179,487

Net result of Discontinued Operations

Airest Group P& L related to assets Consolidated P&L Discontinued Operations Airest Group & liabilities of TOTAL financial of Airest S pA Centostazioni S pA statements At December 31, 2013 (in Euro thousands)

Operating revenues 209,667 1,040 210,707 32,182 242,889 Other income 6,610 6,610 836 7,446 Total operating revenues and other income 216,276 1,040 217,316 33,018 250,335 Costs of production Purchases of raw materials, supplies, consumables and goods 80,991 345 81,336 92 81,428 Services 21,656 1,008 22,664 15,804 38,469 Lease and rental costs 43,009 527 43,537 6,536 50,073 Personnel costs: salaries and wages and social contribution charges 54,963 601 55,564 2,866 58,430 post-employment benefits 2,104 2,104 151 2,256 other costs 921 921 0 921 Depreciation, amortisation and write-downs amortisation 3,639 99 3,738 2,147 5,886 depreciation 9,474 925 10,399 859 11,258 Write-down on current assets 1,716 1,716 331 2,047 Changes in raw, ancillary and consumable materials and goods (1,839) (1,839) 0 (1,839) Provisions for risks 217 217 165 383 Other charges 1,615 1,615 253 1,868 Total costs of production 218,466 3,505 221,972 29,207 251,178

EBIT before non-recurring items (2,190) (2,465) (4,655) 3,811 (844)

Non-recurring income/(charges) 6,004 6,004 0 6,004

EBIT 3,814 (2,465) 1,349 3,811 5,160 Financial income and write-back of finanical assets 157 157 140 297 Interest, other financial charges and write-down of financial assets (2,085) (2,085) (694) (2,779)

Profit/(loss) before taxes 1,886 (2,465) (579) 3,257 2,679

Income taxes 523 523 (1,870) (1,347) current 1,294 1,294 (2,038) (743) deferred (772) (772) 168 (604) Net Profit/(loss) 2,409 (56) 1,388 1,332 Net profit/(loss) from discontinued operations (2,465 ) 2,465 Fair value adjustment (IFRS 5) (7,870) (7,870 ) 0 (7,870 ) Net Profit/(Loss) from Discontinued operations (7,926 ) (7,926 ) 1,388 (6,539 ) 122

Airest Group P&L related to assets Consolidated P&L Discontinued Airest Group & liabilities of TOTAL financial Operations of Airest SpA Centostazioni SpA statements

At December 31, 2012 (in Euro thousands)

Operating revenues 188,782 1,646 190,427 31,242 221,670 Other income 8,770 (2) 8,768 1,050 9,818 Total operating revenues and other income 197,552 1,644 199,196 32,292 231,488 Costs of production 0 Purchases of raw materials, supplies, consumables and goods 73,308 916 74,224 231 74,455 Services 21,044 612 21,656 14,954 36,610 Lease and rental costs 36,600 774 37,374 6,438 43,812 Personnel costs: salaries and wages and social contribution charges 51,939 980 52,919 2,778 55,696 post-employment benefits 2,184 2,184 150 2,334 other costs 681 681 0 681 Depreciation, amortisation and write-downs amortisation 3,609 174 3,783 2,120 5,903 depreciation 6,583 569 7,152 851 8,003 Write-down on current assets 253 0 253 239 492 Changes in raw, ancillary and consumable materials and goods (1,291) (82) (1,373) 0 (1,373) Provisions for risks 604 0 604 100 704 Other charges 939 34 973 283 1,256 Total costs of production 196,453 3,977 200,430 28,144 228,574 EBIT 1,099 (2,333) (1,234) 4,148 2,914 Financial income and write-back of finanical assets 117 0 117 161 278 Interest, other financial charges and write-down of financial assets (2,010) (6) (2,016) (1,095) (3,111) Profit/loss from associates under the equity method (444) 0 (444) 0 (444) 0 0 Profit/(loss) before taxes (1,237) (2,340) (3,576) 3,215 (362) 0 0 Income taxes (3,051) 26 (3,025) 1,717 (1,308) current 607 0 607 1,909 2,516 deferred (3,658) 26 (3,632) (191) (3,824) Profit/(loss) 1,814 (2,365) (551) 1,497 946 Net Profit/(Loss) from Discontinued operations (2,365 ) 2,365 0 Net profit/(loss) (551) (551) 1,497 946

Cash flow generated/absorbed by Discontinued Operations

Cash flow related Cash flow related to the assets & to the assets & Airest Group Airest Group liabilities of liabilities of Centostazioni SpA Centostazioni SpA

Dec 31, 13 Dec 31, 12 Dec 31, 13 Dec 31, 12

A Net liquidity generated/(absorbed) by operating activities 457 9,680 5,139 5,030 B Net liquidity generated/(absorbed) by investing activities (17,308) (13,965) (875) (818) C Net liquidity generated/(absorbed) by financial activities 18,742 4,059 (10,603) (8,702)

E Total cash flow generated/(absorbed) in the year (A+B+C) 1,890 (226) (6,339) (4,490) F Cash and cash equivalents at the beginning of the year (*) (7,968) (7,742) (4,815) (324) G Cash and cash equivalents at the end of the year (E+F) (*) (6,078) (7,968) (11,154) (4,815)

(*) With reference to Centostazioni SpA the amount includes the change in the debt related to the discontinued operations and relating to the financial charges in Archimede 1 SpA equal to: (6,292) (5,005)

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39. Financial risk and management

Interest rate risk

The pre-fixed Group objectives concern: hedging of the interest rate risk on financial liabilities; compliance with, in the hedging of risk, the general balance criteria between loans and usages for the Group (variable rate and fixed rate portion, short-term and medium/long-term portion).

The Group holds derivative instruments in order to hedge the exposure to interest rate risk for approx 4.1% of the value of Group loans, excluding discontinued operations (cash flow hedges). The hedging operations are broken down as follows: - the loan held by SAVE S.p.A. for an original value of Euro 4.5 million issued by Deutsche Bank, with a residual value at December 31, 2013 of Euro 1.7 million. In 2011, an interest rate swap contract was signed to hedge interest rate risk; at December 31, 2013, the loan had the interest cost blocked for 100% of the total amount; - the loan held by SAVE S.p.A. for an original value of Euro 5 million issued by Deutsche Bank in 2012, with a residual value at December 31, 2013 of Euro 3.75 million. During the same year an interest rate swap contract was undertaken to hedge interest rate risk for the entire amount of the loan; therefore at December 31, 2013 the cost of interest was blocked for 100% of the total amount; - the loan held by Belgian Airport SA for an original amount of Euro 5.5 million issued by BNP Paribas Fortis Banque SA in 2011 and with a residual value at December 31, 2013 of Euro 2.2 million. An interest rate swap contract was subsequently signed with effect from February 2012 for the hedging of interest rate risk for an amount at December 31, 2012 of Euro 1.1 million (proportioned to the notional value at each repayment date). The loan had the cost for interest blocked for 50% of the total amount.

The following table provides a breakdown of the principal derivative instruments in place at Group level at December 31, 2013:

Statement on the recording of hedging transactions (IFRS 7.22)

(In thousands of Euro; the positive values are receivables for the com pany, while the negative values are payables)

31/12/13 31/12/12

Maturity

Contract date Contract

Group companies Group

Counterparty bank Counterparty

Type of instrument Typeof

Fair Value ("Mark to to ("Mark Value Fair to ("Mark Value Fair

Nature of hedged risk hedged of Nature

Market") at 31/12/2013 at Market") 31/12/2012 at Market")

Amount outstanding at at outstanding Amount at outstanding Amount Contract notional amount notional Contract IRS Save S.p.A. Change in interest rates Deutsche Bank SpA 19/12/2011 22/01/2015 3,375 1,688 2,813 (22) (53) IRS Save S.p.A. Change in interest rates Deutsche Bank SpA 01/10/2012 17/06/2016 5,000 3,750 5,000 (23) (39) Belgian IRS Change in interest rates BNP Paribas - Fortis B. SA 07/07/2011 31/08/2015 2,200 1,100 1,650 (36) (73) Airport SA

Total 10,575 6,538 9,463 (81) (165)

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Cash flow sensitivity analysis

The Company prepared a cash flow analysis concerning loans in place and the related derivative financial instruments. The analysis begins with the market position at December 31, 2013 and on the basis of interest rate increases/decreases of 0.25% and of 0.50%. The impact of these changes on future cash flows is Euro +/-0.5 million for a 0.25% interest rate change, while is Euro +1.1 million for an increase in the interest rate of 0.50% and Euro - 0.8 million for a decrease in the interest rate of 0.50%.

Derivative instrument fair value sensitivity analysis

The company prepared an analysis of the changes in the fair value of derivative hedging instruments at December 31, 2013. The analysis begins with the market position at December 31, 2013 and on the basis of interest rate increases/decreases of 0.25% and of 0.50%. The effect of the fair value changes of derivative instruments in place is approx. Euro + /- 0.02 million for a change in interest rates of 0.25%, while is Euro -0.4 million for an increase in interest rates of 0.50% and Euro +0.3 million for a decrease in interest rates of 0.50%.

Credit risk

Liquidity risk

The liquidity risk management policy, i.e. the strategy put in place to avoid cash flow difficulties constituting a problem for the Group is considered prudent. The minimal objective is to ensure at all times access for the company to the funding necessary to repay debt maturing in the coming 12 months. Unutilised bank credit lines (cash credit facilities and endorsement credit) in the Parent Company – referring to Continuing Operations, amounted to Euro 66 million. Group financial requirements are principally sourced from loans, also on the basis of individual acquisition operations. For the breakdown of loans in place at December 31, 2013, reference should be made to the notes to the consolidated financial statements and the paragraph dedicated to “Bank payables - less current portion”.

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Analysis by maturity of derivative instrument cash flows and medium/long term loans

The following table outlines the cash flows not discounted, broken down by maturity, of hedging instruments in place, which present a negative mark-to-market value at December 31, 2013. On the basis of the same maturities, the table also presents a summary of cash flows for medium/long term loans outstanding at the consolidated reporting date, including capital and interest portions.

Total estimated cash flows of which within 1 year of which between 1 and 5 of which over 5 years years 31.12.2013 31.12.2012 31.12.2013 31.12.2012 31.12.2013 31.12.2012 31.12.2013 31.12.2012 Derivative instruments with negative MTM (88) (175) (59) (85) (29) (90) 0 0 Medium/Long-term loans (165,246) (132,922) (115,631) (39,815) (41,878) (75,038) (7,737) (18,069) Total (165,334) (133,097) (115,690) (39,900) (41,907) (75,128) (7,737) (18,069)

Fair value hierarchy levels

A list of derivative financial instruments at December 31, 2013, measured at fair value, is reported under the "Interest rate risk" paragraph above. In relation to the financial instruments recorded in the balance sheet at fair value, IFRS 7 requires that these values are classified based on the hierarchy levels which reflects the significance of the input utilised in the determination of fair value. The following levels are used: Level 1 – assets or liabilities subject to valuation listed on an active market; Level 2 – input based on prices listed at the previous point, which are directly observable (prices) or indirectly (derivatives from the prices) on the market; Level 3 – input which is not based on observable market data. The derivative instruments measured at fair value at December 31, 2013 are classifiable to hierarchy Level 2 of the fair value measurement. During 2013, no transfers occurred from Level 1 to Level 2 or Level 3 or vice-versa. As previously outlined, the Group holds derivative financial instruments solely to hedge interest rate risk concerning the individual loans to which they refer (cash flow hedge).

The fair value measurement of the derivatives recognised to the financial statements was made through independent valuation models and based on the following market data at December 31, 2013: short-term interest rates and swaps based on the Euro; prices of three-month Euriobor future contracts; fixing of the Euribor rate to measure current period coupons

The Group holds financial instruments represented by shares listed on regulated markets and classified as current assets; as such they are classified as fair value hierarchy Level 1. During 2013, no transfers occurred from Level 1 to Level 2 or Level 3 or vice-versa.

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40. Investments in subsidiaries, associated companies and other companies

The Parent Company controls the following companies, fully or proportionately consolidated. The figures reported are based on the financial statements at year-end of the respective companies, prepared in accordance with the accounting standards adopted by each company.

• Marco Polo Park S.r.l. Holding: 100% The company manages airport parking under sub-concession from SAVE and Aer Tre. A value of production of approx.. Euro 11.3 million was reported in 2013, and a pre-tax profit of Euro 2.9 million.

• Save International Holding SA Holding: 100% The company was incorporated in the third quarter of 2009 as a vehicle company for the acquisition of Brussels South Charleroi Airport SA in December 2009. The company holds the investment in Belgian Airport SA, through which the acquisition was made together with minority shareholders.

• Belgian Airport SA Holding: 65% The company was incorporated in the fourth quarter of 2009 as a vehicle company for the acquisition of Brussels South Charleroi Airport SA in December 2009. The company holds an investment in Brussels South Charleroi Airport SA, consolidated at equity; a net profit of Euro 1.5 million was reported in 2013, principally based on dividends received.

• Save Engineering S.r.l. Holding: 100% The company is involved in the design and coordination of works concerning the airport development programmes carried out by the Parent Company SAVE as part of the Airport Master Plan. The company utilises know-how acquired in the completion and management of infrastructure development projects related to the passenger transport, such as for example, airports and railway stations. In 2013, the value of production totalled Euro 3.9 million, increasing compared to Euro 2.9 million in 2012; the company reported a pre-tax profit of Euro 435 thousand, increasing Euro 357 thousand compared to 2012.

• Nord Est Airport I.T. S.r.l. (N-AITEC) Holding: 100% The company is involved in the implementation of IT projects for airports in the operational and administrative management areas. The company also develops and commercialises software products in this field. A value of production of Euro 1.7 million was reported in 2013, with a pre-tax profit of Euro 475 thousand.

• Aeroporto di Treviso AER TRE S.p.A. Holding: 80% The Company Aer Tre S.p.A. holds the concession for the management of Treviso airport. After a long and complex approval process, Aer Tre definitively was awarded the forty-year concession for the total management of Canova Airport of Treviso. On September 11, 2013, the decree was filed at the National Audit Office (Documents Office of the Ministry for 127

Infrastructure and Transport and of the Ministry for the Environment, Regional Protection and the Marine, Register No. 6, File No. 170), therefore definitively concluding the process; the forty-year concession was effective from April 16, 2013. The concession permits the design, development, implementation, amendment, management, maintenance and use of plant and airport infrastructure, including State assets at Sant’Angelo airport, now Canova, of Treviso. The value of production totalled Euro 20.6 million; a pre-tax loss of Euro 0.2 million was reported for 2013. • Aeroporto Civile di Padova S.p.A. in liquidation Holding: 71.744% The company holds the concession, granted by the Ministry for Transport, for Padua Airport. In the second half of the year, the sole shareholder Save S.p.a. subscribed and paid-in to the share capital increase approved by the Shareholders’ Meeting of Aeroporto Civile di Padova S.p.A., for its relative share, increasing its shareholding from 62.9% to 71.744%. The company is currently in liquidation, although still operational. A value of production of Euro 796 thousand was reported for 2013 and a pre-tax loss of Euro 188 thousand.

• Società Agricola Ca’ Bolzan a r.l. Holding: 100% The company is wholly-owned by the Parent Company and was acquired in May 2005. In the first half of 2013, the Company Agricola Cà Bolzan a r.l., entirely held by Save S.p.A, was spun off, creating a new company called Agricola Save a r.l., in order to separate the lands on which agricultural activities are carried out from those of the Master Plan for the development of Venice airport. The assets today substantially comprise lands adjacent to the airport acquired to guarantee the completion of the works necessary for the development of the airport and related infrastructure in the medium term. A value of production Euro 446 thousand was reported in 2013 and a pre-tax profit of Euro 19 thousand.

• Società Agricola Save a r.l. Holding: 100% The company is wholly-owned by the Parent Company, following the spin-off of Agricola Cà Bolzan a r.l. in September 2013 and is exclusively involved in the activities established by Article 2135 of the Civil Code.

• Triveneto Sicurezza S.r.l Holding: 93% The Company carries out airport security control in accordance with Ministerial Decree No. 85 of January 29, 1999. For 2013 a value of production of Euro 12.2 million is reported, increasing 8% on 2012, with a pre-tax profit of Euro 1 million.

• Airest S.p.A. Holding: 97% The company was founded to manage the commercial and hospitality activities both for the Group companies and for third parties for transport infrastructure. In January 2013, an operation was completed with McArthurGlen Travel Retail LLC, a US company, with which Airest S.p.A. signed in 2011 a joint venture agreement creating the Airest Collezioni Group and through which Airest undertook control of the Collezioni Group through the acquisition by the subsidiary Airline Terminal & Business Catering Holding GmbH of the residual capital share of 25 % held by McArthurGlen for a value of Euro 3 million. The US 128

Company simultaneously subscribed to a dedicated share capital increase of Airest S.p.A., with revocation of the option right by the existing shareholders, for a holding of 3%. In September 2013, SAVE and Lagardère Services established a key industrial partnership concerning the Airest group, in order to develop important synergies and the Group brands internationally. In fact, management took the decision during the year to divest of the holding in Airest S.p.A., thereby exiting the Food & Beverage and Retail business area. Consequently, the relative Italian and international assets were measured and classified in the present consolidated financial statements as Assets held-for-sale in accordance with IFRS 5. In November 2013, Aer Tre S.p.A. sold its stake in Airest S.p.A. to SAVE S.p.A. which following this operation held 97% of total shares. 2013 reports total operating revenues and other income of Euro 126.7 million and a pre-tax loss of Euro 20.1 million.

• Very Italian Food S.r.l. Holding: 97% The company, incorporated in January 2008 by Airest S.p.A., produces high quality bread and pastry products. The value of production in 2013 amounted to Euro 4.6 million, with a pre-tax loss if Euro 0.3 million.

• Austrian group Airest Holding: 97% The Group comprises the Austrian registered sub-holding Airline Terminal & Business Catering Holding GmbH and the operating companies Airest Gastronomy & Retail GmbH (Austria), Airest Catering d.o.o. (Slovenia), Shanghai Airest Catering Company Ltd (China), Czech Republic Airest s.a. (Czech Republic), the company Airest Restaurant Middle East L.L.C (Abu Dhabi) and Airest Singapore Pte Ltd., with registered office in Singapore. The Group in addition holds 30% of the Airest Collezioni Group. A pre-tax profit of Euro 0.5 million was reported in 2013. Revenues totalled Euro 53 million.

• Gruppo Airest Collezioni Holding: 97% The Group operates specialist shops for travelers, both through the sub-rental of spaces to high-end specialist brands and direct operations. The Group comprises the sub-holding Airest Collezioni S.r.l (pre-tax loss of Euro 0.5 million) and the operating companies Airest Collezioni Glasgow Limited (pre-tax loss of Euro 0.5 million), Airest Collezioni Dublin Limited (pre-tax loss of Euro 0.2 million), Airest Collezioni Venezia S.r.l (pre-tax profit of Euro 0.1 million), Airest Retail S.r.l. (pre-tax profit of Euro 0.6 million), Airest Russia ooo (substantial breakeven), Airest Collezioni USA Inc. (pre-tax loss of Euro 0.1 million) and Airest Collezioni (US-1) LLC (pre-tax loss of Euro 0.5 million).

• Archimede 1 S.p.A. Holding: 60% The subsidiary was incorporated in 2001, under the By-Laws exclusively operating as a sub- holding of the investment in Centostazioni S.p.A.. The company operates as a vehicle company, holding 40% of Centostazioni S.p.A. (the remaining 60% is held by FFSS Holding S.p.A.). In 2013, a pre-tax profit of Euro 1.1 million was reported, principally due to the combined effect of dividends received from the investee Centostazioni and charges on loans outstanding.

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• Centostazioni S.p.A. Holding: 24% This company is held 40% by Archimede 1 S.p.A., managing assets owned by Rete Ferroviaria Italiana S.p.A. (R.F.I), comprising the property complexes of the 103 Italian mid-size railway stations, based on a forty-year contract concluding in 2042, allocating to Centostazioni the usage and economic rights of the assets and their integrated management, improvement and business development. The company was consolidated under the proportional method, based on the shareholders agreements allocating joint control of Centostazioni to Archimede 1 S.p.A and Ferrovie dello Stato. Following management’s decision to focus Group activities on Airport Management, in the final quarter of 2013 a divestment process concerning the holding in Centostazioni S.p.A. was initiated, through Board of Directors motion of Archimede 1 S.p.A. in approval of the disposal. Consequently, the assets and related liabilities were measured and classified in the present consolidated financial statements as Assets held-for-sale in accordance with IFRS 5. 2013 reported a value of production of Euro 82.5 million and a pre-tax profit of Euro 14.1 million. The financial statements recognised 40% of the result, as consolidated proportionally.

• Archimede 3 S.r.l. Holding: 100% The company was acquired in 2004. As part of the Group restructuring, also in view of the possible development of the transport infrastructure under concession management, in 2004 SAVE sold to Archimede 3 S.r.l a 4.64% stake of the company Autostrade di Venezia e Padova S.p.A; these shares were finally sold during the second quarter of 2012. The company did not report significant costs or revenues in the year.

• Idea 2 S.r.l. Holding: 100% The company is a wholly-owned indirect subsidiary of the Parent Company acquired in July 2005, also within the scope of potential investment projects. The company does not have significant costs or revenues.

The Parent Company in addition directly and/or indirectly is involved in the following companies:

• Rustichelli e Mangione S.r.l. Holding: 97% The company, incorporated at the end of 2009, is involved in the design, testing, creation and implementation of franchising models and formulas for the administration and sale of food and beverage products and related services; although operative, the company has not been consolidated as business volumes are insignificant compared to total Group volumes.

• Nicelli S.p.A. Holding: 49.23% The company, held 49.23 %, manages the airport of Venice - Lido.

• G.A.P. S.p.A. Holding: 49.87% The company, held 49.87%, operates in the airport sector, principally carrying out land assistance activities at Pantelleria Airport.

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• Other holdings The Parent Company holds further minority interests such as V.T.P. S.p.A. (Venezia Terminal Passeggeri) (22.18%) for the management of the commercial structures of the Port of Venice, Brussels South Charleroi Airport SA (27.65%) through Belgian Airport SA, which manages Brussels Airport, 2A – Airport Advertising S.r.l. (50%), incorporated in February 2012 for the management of advertising spaces, 3A Advanced Airport Advisory S.r.l. (100%) and Venice Gataway S.r.l. (50%).

Earnings per share

Information on the data utilised for the calculation of the basic and diluted earnings per share is provided below. The earnings per share is calculated by dividing the net profit attributable to shareholders of the Company by the number of shares.

For the purposes of the calculation of the basic earnings per share, the net profit for the year was utilised, reduced by the minority share. There are no preference shares, privilege share conversions or other similar instruments that would entail the adjustment of the earnings due to shareholders.

The diluted earnings per share equals the earnings per share as no potential ordinary shares or other instruments, such as options, warrants and their equivalents, if converted, may have a dilutive effect on the earnings per share.

The following table reports the result and the number of ordinary shares used for the calculation of the basic earnings per share, determined in accordance with IAS 33.

2013 2012 Group net profit for the year 24,754 31,975

Weighted average number of outstanding shares - Basic 52,339,642 52,664,846 - Diluted 52,339,642 52,664,846

Earnings per share 0.473 0.607 Diluted earnings per share 0.473 0.607

The earnings per share, less the discontinued operations result, is reported below.

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2013 2012 Group net profit excluding the result of discontinued 31,610 31,627 operations

Weighted average number of outstanding shares - Basic 52,339,642 52,664,846 - Diluted 52,339,642 52,664,846

Earnings per share 0.604 0.601 Diluted earnings per share 0.604 0.601

The average number of ordinary shares in circulation during the year was measured, adjusting the number of ordinary shares in circulation at the beginning of the year by the number of ordinary shares acquired, considering a temporal weighting.

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Transactions with Related Parties

The consolidated financial statements at December 31, 2013 include the financial statements of SAVE S.p.A. and its subsidiaries, as indicated in the paragraph “Consolidation scope”.

The transactions with associated companies and related parties were undertaken at the respective average market values for similar services and of a similar quality. In relation to transactions in the year with Associated Companies, reference should be made to the comments of the Balance Sheet and Income Statement accounts of the Explanatory Notes and attachment C for payable/receivable and cost/revenue transactions.

Following the application of IFRS 5, for the presentation of Continuing and Discontinued Operations, the income statement and balance sheet accounts are reported without considering inter-company eliminations, reported, as previously described, both in the notes of the Balance Sheet and Income Statement accounts of the Explanatory Notes and at attachment C of the present Consolidated Financial Statements. This choice was made in order to provide a more representative picture of the capital and financial position and of the results, as the principal commercial transactions with companies subject to disposal will continue also in the coming year, remaining therefore within the scope of continuing operations.

The Group incurred during the year financial assistance and consultancy charges with companies belonging to the Finanziaria Internazionale Holding S.p.A. Group, a related party to the majority shareholder. Payables concerning services provided and not yet paid relate to the Parent Company for Euro 113 thousand and the subsidiaries Airest S.p.A. for Euro 29 thousand, Aer Tre S.p.A. for Euro 2 thousand, Triveneto Sicurezza S.r.l. for Euro 17 thousand and finally Archimede 1 S.p.A. for Euro 2 thousand. The income statement items, recognised under service costs, total Euro 180 thousand for the Parent Company, Euro 37 thousand for Airest S.p.A., Euro 11 thousand for Aer Tre S.p.A., Euro 33 thousand for Triveneto Sicurezza S.r.l. and Euro 28 thousand for Archimede 1 S.p.A.. Receivables at December 31, 2013 amount to Euro 36 thousand for Airest S.p.A.. Commercial revenue positions amount to Euro 67 thousand for Airest S.p.A. and Euro 1,676 thousand for Airest Retail S.r.l. for revenue stamps.

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Supplementary Statements

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Additional Statements Attachment A Statement of changes in intangible assets and relative amortisation (In Euro/000)

Historical cost Accumulated amortisation Reclassification Reclassifications Value at Value at Value at Value at Net Intangible Purchases Decreases Grants & other Increases Utilisation & other 01/01/13 31/12/13 01/01/13 31/12/13 assets movements movements

Airport concession rights 241,646 8,138 (73) (428) 408 249,691 70,535 5,890 (19) 0 76,405 173,286 Assets in progress and payments on account 5,453 5,822 (88) (480) 10,707 10,707 Sub-total airport concession rights 247,099 13,960 (161) (428) (72) 260,398 70,535 5,890 (19) 0 76,405 183,993 Concessions 0 0 0 0 0 0 0 0 0 0 0 0 Other intangible assets with finite useful life 11,593 1,046 (83) 14 12,570 10,678 760 (83) 0 11,355 1,214 Assets in progress and payments on account 44 520 0 (14) 550 0 0 0 0 0 550 Sub-total other intangible assets with finite useful life 11,637 1,566 (83) 0 0 13,120 10,678 760 (83) 0 11,355 1,764 Goodwill and other intangible fixed assets with indefinite useful life 6,977 0 0 0 0 6,977 6,977 Total intangible fixed assets from Continuing Operations 265,713 15,526 (244) (428) (72) 280,495 81,213 6,650 (102) 0 87,761 192,734

Total intangible fixed assets from Discontinued Operations 178,235 1,137 (747) 0 547 179,172 40,149 5,771 (199) 291 46,011 133,160

Total 443,948 16,663 (990) (428) 474 459,667 121,361 12,421 (302) 291 133,772 325,895

Additional Statements Attachment B Statement of changes in tangible assets and relative depreciation (In Euro/000)

Historical cost Accumulated depreciation Reclassification Reclassifications Value at Value at Value at Value at Purchases Decreases Grants & other Increases Utilisation & other Net tangible assets 01/01/13 31/12/13 01/01/13 31/12/13 movements movements

Land and Buildings 40,873 0 0 0 40,873 34 3 0 0 36 40,836 Plant and machinery 41,625 3,595 (2,574) 15 42,661 32,739 2,520 (2,562) (0) 32,698 9,963 Industrial and commercial equipment 4,572 265 (136) (9) 4,691 3,709 262 (136) (9) 3,825 866 Other assets 16,360 927 (1,174) 0 16,113 13,820 1,148 (1,174) (0) 13,794 2,319 Doubtful debt provision 0 0 0 0 0 0 Assets in progress and payments on account 10 1 0 0 11 11 Total tangible fixed assets from Continuing Operations 103,440 4,787 (3,884) 0 5 104,348 50,302 3,933 (3,872) (9) 50,353 53,995

Total tangible fixed assets from Discontinued Operations 114,043 15,056 (5,362) 0 337 124,074 49,341 11,019 (5,041) 361 55,679 68,395

217,483 19,843 (9,245) 0 342 228,423 99,643 14,952 (8,914) 351 106,032 122,391 Total

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Attachment C1 Balance Sheet accounts concerning transactions with subsidiary and associated companies in Euro thousands

Aeroporto Brussels Nicelli Società Save Venezia Airest Airest Airest Rustichelli e Triveneto Silicio Civile di Società South S.p.A. 2A - Airport 3 A - Advanced GAP S.p.A. Cento Gruppo Airest Airest Airest Airest Aer Tre Marco Polo N-AITEC Agricola Internationa Archimede 1 Archimede 3 Terminal Very Italian Airest Retail Collezioni Collezioni Collezioni Mangione Save S.p.A. Sicurezza Engineering Padova Agricola Charleroi Aeroporto Advertising Airport Aeroporto di stazioni Idea 2 S.r.l. Airest S.p.A. Austriaco Collezioni Russia Collezioni Collezioni Grand total S.p.A. Park S.r.l. S.r.l. Ca’ Bolzan l Holding S.p.A. S.r.l. Passeggeri Food S.r.l. S.r.l. Venezia Dublin Glasgow S.r.l. (R&M S.r.l. S.r.l. S.p.A. in Save a r.l. Airport del Lido di S.r.l. Advisory S.r.l. Pantelleria S.p.A. Airest S.r.l. OOO US-1 Llc USA inc a r.l. SA (VTP) S.p.A. S.r.l. L.t.d. L.t.d. S.r.l.) Liquid. (BSCA) SA Venezia Receivables 2,126 351 758 902 70 265 23,929 36 3 103 507 1 1 12,760 300 176 223 47,630 4,229 1,826 26 96,219 Save S.p.A. Payables 466 2,871 3,145 3,334 590 31 233 15 4,440 362 93 4,414 181 119 625 20,920 Receivables 466 175 12 1,111 687 2,451 Aer Tre S.p.A. Payables 2,126 1,322 176 167 10 14 1 3,816 Receivables 2,859 2 2,861 Marco Polo Park S.r.l. Payables 338 175 24 14 2 553 Receivables 3,145 1,322 24 4,492 Triveneto Sicurezza S.r.l. Payables 758 2 1 3 764 Receivables 3,259 176 14 5 4 3,458 Save Engineering S.r.l. Payables 902 1 902 Receivables 594 167 24 785 N-AITEC S.r.l. Payables 70 17 87 Receivables 31 31 Aeroporto Civile di Padova S.p.A. in Liquidazione Payables 264 1 5 270 Receivables 233 103 335 Società Agricola Ca’ Bolzan a r.l. Payables 23,929 11 23,940 Receivables 15 11 26 Società Agricola Save a r.l. Payables 36 103 139

Save International Holding SA Receivables 4,440 4,440

Receivables 17 17 Brussels South Charleroi Airport (BSCA) SA Payables 3 24 27

Nicelli S.p.A. Aeroporto del Lido di Venezia Payables 103 4 107

Receivables 362 10 373 2A - Airport Advertising S.r.l. Payables 507 12 519

3 A - Advanced Airport Advisory S.r.l. Payables 1 1

GAP S.p.A. Aeroporto di Pantelleria Payables 1 1

Receivables 93 93 Archimede 1 S.p.A. Payables 12,760 12,760 Receivables 1,185 1,185 Centostazioni S.p.A. Payables 300 524 824 Receivables 992 992 Archimede 3 S.r.l. Payables 176 176

Idea 2 S.r.l. Payables 992 992

Venezia Terminal Passeggeri (VTP) S.p.A. Payables 223 223

Receivables 4,413 14 2 1 1 524 15,186 2,796 64 3,210 29 70 84 220 395 117 218 27,341 Airest S.p.A. Payables 47,573 1,111 1,185 1,034 1,064 43 9 52,018 Receivables 1,032 1,032 Gruppo Austriaco Airest Payables 15,186 8 15,194 Receivables 181 1 3 1,065 8 1,258 Very Italian Food S.r.l. Payables 2,796 2,796 Receivables 19 36 218 273 Airest Collezioni S.r.l. Payables 64 6 70 Receivables 317 43 6 25 506 2,159 3,056 Airest Retail S.r.l. Payables 4,427 687 3,209 12 8,335 Receivables 626 9 634 Airest Collezioni Venezia S.r.l. Payables 1,826 29 1,855

Airest Collezioni Dublin L.t.d. Payables 70 19 25 115

Receivables 12 12 Airest Collezioni Glasgow L.t.d. Payables 84 36 507 626

Airest Russia OOO Payables 220 220

Airest Collezioni US-1 Llc Payables 395 218 2,159 2,772

Airest Collezioni USA inc Payables 117 117

Rustichelli e Mangione S.r.l. (R&M S.r.l.) Payables 26 218 243

Other (Inarcassa, VAT) Receivables 13

Receivables 21,034 3,816 565 764 902 87 270 23,940 139 0 27 107 519 1 1 12,760 824 176 992 223 52,076 15,194 2,796 70 8,138 1,855 115 625 220 2,772 117 243 151,378 Grand total Payables 96,347 2,451 2,874 4,492 3,533 781 31 335 26 4,440 17 0 373 0 0 93 1,185 992 0 0 27,341 1,034 1,256 273 2,859 634 0 12 0 0 0 0 151,378 136

Attachment C2 Income Statement accounts concerning transactions with subsidiary and associated companies in Euro thousands

Brussels Venezia Rustichelli e Save Aeroporto Civile Save South Nicelli S.p.A. 2A - Airport GAP S.p.A. Cento Gruppo Airest Airest Airest Airest Airest Airest Marco Polo Triveneto Società Agricola Società Agricola Archimede 1 Archimede 3 Terminal Very Italian Airest Retail Airest Russia Mangione Save S.p.A. Aer Tre S.p.A. Engineering N-AITEC S.r.l. di Padova S.p.A. International Charleroi Aeroporto del Advertising Aeroporto di stazioni Airest S.p.A. Austriaco Collezioni Collezioni Collezioni Collezioni Collezioni US- Collezioni Grand total Park S.r.l. Sicurezza S.r.l. Ca’ Bolzan a r.l. Save a r.l. S.p.A. S.r.l. Passeggeri Food S.r.l. S.r.l. OOO S.r.l. (R&M S.p.A. in Liquidazione Holding SA Airport Lido di Venezia S.r.l. Pantelleria S.p.A. Airest S.r.l. Venezia S.r.l. Dublin L.t.d. Glasgow L.t.d. 1 Llc USA inc (VTP) S.p.A. S.r.l.) (BSCA) SA Revenues 532 4,758 568 242 38 36 13 4 6 7 20 1,727 1 62 300 2 17 6,800 5 3,296 1,389 19,822 Save S.p.A. Costs 7 105 9,241 120 139 65 2 114 4 1,068 4 68 10,938 Revenues 7 950 1 24 709 567 2,258 Aer Tre S.p.A. Costs 532 2,356 32 3 6 1 2,930 Revenues 105 40 15 160 Marco Polo Park S.r.l. Costs 4,751 950 10 14 5,725 Revenues 9,241 2,356 10 11,607 Triveneto Sicurezza S.r.l. Costs 568 1 40 5 2 616 Revenues 3,952 4 14 3,970 Save Engineering S.r.l. Costs 242 5 247 Revenues 472 170 30 672 N-AITEC S.r.l. Costs 38 38

Aeroporto Civile di Padova S.p.A. in Liquidation Costs 36 36

Revenues 19 19 Società Agricola Ca’ Bolzan a r.l. Costs 13 13

Società Agricola Save a r.l. Costs 4 19 23

Save International Holding SA Revenues 59 59

Brussels South Charleroi Airport (BSCA) SA Costs 7 30 37

Nicelli S.p.A. Aeroporto del Lido di Venezia Costs 20 20

Revenues 2 3 5 2A - Airport Advertising S.r.l. Costs 1,727 24 1,751

GAP S.p.A. Aeroporto di Pantelleria Costs 1 1

Archimede 1 S.p.A. Costs 62 62

Revenues 114 1,729 1,844 Centostazioni S.p.A. Costs 300 9 309

Archimede 3 S.r.l. Costs 2 2

Revenues 4 4 Venezia Terminal Passeggeri (VTP) S.p.A. Costs 17 17 Revenues 1,070 6 5 5 9 744 131 12 5,047 94 48 42 59 138 117 18 7,545 Airest S.p.A. Costs 6,802 709 15 1,729 3 4,275 93 13,627 Revenues 3 3 Gruppo Austriaco Airest Costs 4 746 197 948 Revenues 4 1 2 4,275 197 4,480 Very Italian Food S.r.l. Costs 131 131 Revenues 1 1 Airest Collezioni S.r.l. Costs 12 12 Revenues 69 93 2 26 146 14 350 Airest Retail S.r.l. Costs 3,296 567 5,048 12 8,922

Airest Collezioni Venezia S.r.l. Costs 1,390 94 1 2 1,486

Airest Collezioni Dublin L.t.d. Costs 48 26 74

Revenues 12 12 Airest Collezioni Glasgow L.t.d. Costs 42 146 188

Airest Russia OOO Costs 59 59

Revenues 0 Airest Collezioni US-1 Llc Costs 138 14 152 Revenues 0 Airest Collezioni USA inc Costs 117 117 Revenues 0 Rustichelli e Mangione S.r.l. (R&M S.r.l.) Costs 18 18 Capitalisation (*) Costs 4,165 142 7 4,313

Other (Inarcassa, VAT indeductible) Revenues 3

Revenues 15,100 3,072 5,732 616 247 38 36 13 23 6 37 20 1,751 1 62 309 2 17 13,624 946 131 12 8,922 1,486 74 188 59 152 117 18 52,814 Grand total Costs 19,812 2,258 160 11,607 134 201 0 19 0 65 0 0 5 0 0 1,844 0 4 7,546 3 4,480 1 350 0 0 12 0 0 0 0 52,814

(*) Capitalisations, of which: - in Aertre S.p.A. Euro 4 thousand concerning Save Engineering S.p.A. and Euro 138 thousand concerning N-Aitec S.r.l.; - in Marco Polo Park S.r.l. Euro 7 thousand concerning Save S.p.A.; - in Save S.p.A. Euro 3,832 thousand concerning Save Engineering S.p.A. and Euro 333 thousand concerning N-Aitec S.r.l.; 137

Declaration of the Consolidated Financial Statements as per Article 154- bis of Legs. Decree 58/98

1. The undersigned Monica Scarpa, as Chief Executive Officer, and Giovanni Curtolo, Executive responsible for the preparation of the corporate accounting documents of SAVE S.p.A., affirm, and also in consideration of Article 154-bis, paragraphs 3 and 4, of Legislative Decree No. 58 of February 24, 1998:

the conformity in relation to the characteristics of the company and the application of the administrative and accounting procedures for the compilation of the consolidated financial statements for the period 1/1/2013 - 31/12/2013.

2. The valuation of the adequacy of the accounting and administrative procedures for the preparation of the consolidated financial statements at December 31, 2013 is based on a process defined by SAVE in accordance with the Internal Control - Integrated Framework defined by the Committee of the Sponsoring Organisations of the Treadway Commission, which represents a benchmark framework generally accepted at international level.

3. We also declare that:

3.1 the consolidated financial statements

a) were prepared in accordance with international accounting standards, recognised in the European Union pursuant to EU Regulation No. 1606/2002 of the European Parliament and Council, of July 19, 2002;

b) correspond to the underlying accounting documents and records;

c) provide a true and correct representation of the economic, balance sheet and financial situation of the issuer and of the companies included in the consolidation.

3.2 The Directors’ Report includes a reliable analysis on the performance and operating result as well as the situation of the issuer and of the companies included in the consolidation, together with a description of the principal risks and uncertainties to which they are exposed.

Venice Tessera, March 13, 2014

Chief Executive Officer Executive responsible for the preparation of corporate accounting documents:

Monica Scarpa Giovanni Curtolo

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