The Global Privatisation Pipeline

The European Regional Airports Pipeline

Nice, 05 November 2013

Mr. Mauro Maia,Senior Partner,

F2i - Fondo Italiano per le Infrastrutture

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F2i’s overview

CDPF2i SGR S.p.A.

Fondi Italiani per le Infrastrutture

Two Major Italian Banks: Intesa and Unicredit

1 International Bank

6 Major Italian Foundations

2 Pension Funds

SGR Shareholders

(Sponsors)

First Fund F2i (“F2i I”)

Second Fund F2i (“F2i II”)

Starting year: 2007 2012

Target amount: € 1.500 - 2.000 mln € 1.200 mln

Final size: € 1.852 mln € 679 mln (currently fund raising still on going)

Investments realized (n. of companies): 14 2 Investments realized

(commitment – excl. expenses): € 1.712 mln € 209 mln(approx. 92% of the total size)

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NAP

TUR

MXP

LINBER

FLO

Controlling interest

Qualified minority interest

BOL

Minority interest

Evolution of the F2i’s portfolio in the airport sector

TOTAL F2I COMMITTMENT IN THE AIRPORT NETWORK: € 740 MLN ca.

Naples:5,8 mln pax; 3,9% tot

traffic

Malpensa: 18,5 mln pax;Linate: 9,2 mln pax;

Bergamo*: 8,9 mln pax;Total Milan network: 36,6

mln pax; 25% tot traffic

Turin: 3,2 mln pax; 2,4% tot trafficBologna*: 5,9 mln pax; 4,1% tot trafficFlorence*: 1,9 mln pax; 1,3% tot traffic

Dec2010

Mar2011

Dec2011

Dec2012

Jan2013

Acquisition of 65% Gesac and 54% Software Design from BAA

Acquisition of 5% Gesac from SEA

Acquisition of 29,75% SEA from Milan Municipality

Acquisition of 14,56% (5,94% Fund I, 8,62% Fund II) SEA from ASAM (Province of Milan)

Acquisition of 28,00% SAGAT from Turin Municipality

Acquisition of 22,79% SAGAT from Sintonia

Note: Traffic data relative at 2012

Tot. 70% GESAC

Tot. 44,3% SEA

Tot. 50,79% SAGAT

* Bergamo airport is managed by SACBO, a company owned by SEA with a 31% stake

* SAGAT has a relevant share of «Aeroporto di Firenze» equal to 33,4% and a 7% stake in Bologna airport (bearer of pre-emption rights)

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Leading airport network: 37% of the total national traffic

F2i Airport Network: “A2i”- “Airport Italian Infrastructure”

Gesac (Naples)

Sea (Malpensa / Linate / Bergamo)

Sagat (Turin / Florence / Bologna)

NAP

TUR

MXP

LINBER

FLO

Controlling interest

Qualified minority interest

BOL

Minority interest

– Total pax 2012 54 mln

– Traffic on national basis 37%

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National Plan of the Airport Development The Ministry of Transport and Infrastructure has recentely outlined its proposal regarding the National Plan of the

Airport Development (pending approval by the new government). All airports of F2i network fall between the airports of national interest, and above all, with the exception of

Florence, among the 10 “Core Network” airports

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Rimini – upward trend trafficSalerno – used to relocate some traffic from Naples

Traffic more than 1.000.000AlgheroBariBrindisiCagliariCataniaFlorenceLamezia TermeOlbiaPisaRome CiampinoTrapani

TrevisoVerona

Traffic more than 500.000 with specific territorial featuresAnconaPescaraReggio CalabriaTrieste

Territorial continuityLampedusaPantelleria

Milan MalpensaRome FiumicinoVeniceMilan LinateBergamo Orio al Serio

TurinGenoaBolognaNaplesPalermo

Classification of the main Italian airports

Tender notice

Tender notice

Open discussions

Airports directly held by F2i

Airports indirectly held by F2i

Minoritystake

Minority stake

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The “A2i Network” represents approx. 54 mln pax, namely approx. 37% of the total national traffic, with a total turnover of € 978 mln and an EBITDA of € 228 mln in 2012.

The equity commitment of the two F2i Funds on the airport network is equal to approx. € 740 mln.

Main data of the network “A2i” - F2i Airports

Overview Network F2i - Data 2012 (€/mln)Directly held by F2i Indirectly held by F2i TOT

Gesac SEA SAGAT SACBO AdF SABNA MI TO BG FI BO

% F2i 70,0% 44,3% 50,8% 31,0% 33,4% 7,2%(held by

SEA)(held by SAGAT)

Revenues 71,0 621,0 63,1 104,0 37,2 81,7 978,0EBITDA 22,9 141,5 13,9 27,7 8,5 13,8 228,4

EBITDA Margin 32,3% 22,8% 22,0% 26,6% 22,9% 16,9% 23,4%EBITDA / Pax (€) 4,0 5,1 3,9 3,1 4,6 2,3

Net Income 6,5 64,0 -0,9 15,0 3,3 1,6 89,6Passengers 2012 (n. mln) 5,8 27,8 3,5 8,9 1,9 6,0 53,8

Growth vs. 2011 0,6% -2,3% -5,1% 5,6% -2,8% 1,2% -0,6%Market share on national traffic 3,9% 18,9% 2,4% 6,1% 1,3% 4,1% 36,6%

Consolidated figures in millions (if not indicated differently)

Source: F2i's elaborations on 2012 balance sheet data

Note: SEA's data are updated to take account of the 2012 balance sheet approved by the Board of Directors on June 4, 2013

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F2i SGR’s Board of Directors has approved the establishment of an “Advisory Board” (“AB”) as a unit of coordination for the F2i’s airport network, with specific expertise in the sector, with the aim to create a «Model A2i – Airport Italian Infrastructure».

The Advisory Board is constituted by:

3 permanent members (Domenico Cempella - President; Mauro Maia; and Laura Pascotto), and

top figures of the management of the airport companies owned by F2i, periodically involved, even according to the topics to be discussed

The AB has, as its objective, the development of best practices and some coordinated policies, i.e. relations with carriers, handlers, non-aviation operators (managers of duty free, food&beverage, rent a car, advertising agencies, ect.) and suppliers, and the definition of possible management and lay out standards.

For information, F2i has become the reference of certain leading low cost airlines (es. Easy Jet and Volotea) interested in pursuing a sound and sustainable development policy on the Italian market, of which F2i represents approx. the 37%, directly and indirectly.

In summary, the AB task is to identify and promote synergies / economies of scale and scope between airports, promoting the optimization of revenues and costs, the maximization of the quality of the services and the coordination / support in dealing with relevant regulatory issue, in a network logic (subject to compliance with administrative and corporate restrictions applicable to the companies owned).

For this purpose, specific working groups for each area to be developed have been set up.

F2i’s Advisory Board role

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Working groups divided by operating area

Advisory BoardDomenico Cempella

Mauro MaiaLaura Pascotto

AD / top management Airport Companies

Management CommitteeAD Airport Companies

Coordinator F2i

Benchmark Data

Procurement Business non Aviation Corporate Image Cross Selling

‒ Cleaning services‒ Energy‒ Maintenance services‒ PRM‒ Insurance policy‒ Software‒ …..

‒ Commercial area (In-side, Land-side)

‒ Parking

‒ Common brand‒ Website‒ Stand events‒ Uniforms

‒ ICT Services(Software Design)

‒ Engineering services (Sagat Engineering)

‒ Administrative services

‒ Homogenization of the financial KPI

‒ Quality‒ Operating benchmark

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Traffic trend

Rome network (FCO + CIA)

Milan network (LIN + MPX)

Bergamo Bologna Naples Turin Florence Total national traffic

41.5

27.8

8.96.0 5.8 3.5 1.9

146.9

31.5

20.8

6.9 4.8 4.2 2.4 1.6

122,4

N° pax 2012 (mln) N° pax Jan-Sep 2013 (mln)-2,3%vs 2011

-2,2% vs 2012

-2,3%

-3,9%

+5,6%-0,5% +1,2%

+3,6%-0,6%

-7,5% -5,1%-11,5% -2,8%

6,4%

-1,3%

-2,7%

Note: the percentages, shown in the graph, indicate the variation compared to the same period of the previous year

In 2012, with the beginning of the Italian carriers crisis, the airline industry has reported a traffic decrease of -1,3% in Italy (mainly concentrated in the last semester). F2i’s airports have presented mixed results, but overall slower than 2011: Naples +0,6%, Malpensa-Linate -2,3%, even by Bergamo +5,6%, Florence -2,8% and Turin -5%.

The first nine months of 2013 have seen a decline of the national traffic (-2,7%), in particular Naples (-7,5%), Malpensa-Linate (-3,9%) and Turin (-11,5%), due to the crisis of the domestic segment and national carriers ( Alitalia e Meridiana).

The summer season 2013 has showed some signs of recovery, which could be supported solely by the development of new international routes with low-cost and non-European carriers (i.e. Easy Jet, Volotea, Vueling; Turkish, Emirates, Qatar etc), from the second half of 2013 / beginning of 2014.