F2i senior partner Mauro Maia describes the Italian airports scenario and the role of F2i - Fondi italiani per le infrastructure in such sector, on the occasion of an event held in Nice, France, on 2013, November, 5. In his presentation, Mauro Maia outlines some of the main data regarding F2i Aeroporti.

1. The Global Privatisation Pipeline
The European Regional Airports Pipeline
Nice, 05 November 2013
Mr. Mauro Maia,
Senior Partner,
F2i - Fondo Italiano per le Infrastrutture

2. 2
F2i’s overview
CDP
F2i 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)

3. 3
NAP
TUR
MXP
LIN
BER
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 traffic
Bologna*: 5,9 mln pax; 4,1% tot traffic
Florence*: 1,9 mln pax; 1,3% tot traffic
Dec
2010
Mar
2011
Dec
2011
Dec
2012
Jan
2013
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)

4. 4
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
LIN
BER
FLO
Controlling interest
Qualified minority interest
BOL
Minority interest
– Total pax 2012 54 mln
– Traffic on national basis 37%

5. 5
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
CoreNetwork
Ten-t
Comprehensive
Network
Other
Airports
Rimini – upward trend traffic
Salerno – used to relocate some traffic from Naples
Traffic more than 1.000.000
Alghero
Bari
Brindisi
Cagliari
Catania
Florence
Lamezia Terme
Olbia
Pisa
Rome Ciampino
Trapani
Treviso
Verona
Traffic more than 500.000
with specific territorial
features
Ancona
Pescara
Reggio Calabria
Trieste
Territorial continuity
Lampedusa
Pantelleria
Milan Malpensa
Rome Fiumicino
Venice
Milan Linate
Bergamo Orio al Serio
Turin
Genoa
Bologna
Naples
Palermo
Classification of the main Italian airports
Tender notice
Tender notice
Open
discussions
Airports directly held by F2i
Airports indirectly held by F2i
Minority
stake
Minority
stake

6. 6
 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 SAB
NA 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 81,7 978,0
EBITDA 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 89,6
Passengers 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

7. 7
 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

8. 8
Working groups divided by operating area
Advisory Board
Domenico Cempella
Mauro Maia
Laura Pascotto
AD / top management Airport
Companies
Management Committee
AD 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

9. 9
Traffic trend
41.5
27.8
8.9
6.0 5.8 3.5
1.9
31.5
20.8
6.9 4.8 4.2 2.4 1.6
122,4
Rome network
(FCO + CIA)
Milan network
(LIN + MPX)
Bergamo Bologna Naples Turin Florence Total national
traffic
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.