aeroporto marco polo - save group - 2010 12m results

1

SAVE Spa

Save Group - December 2010

15 March 2011

Section 1 Group overview

Section 2 Airport Management (SBU1)

Section 3 Infrastructure Management (SBU2)

Section 4 Food & Beverage and Retail (SBU3)

Section 5 Appendix

Table of contents

2

Section 1Group overview

3

To be a leading service provider for travelers managing threedifferent areas of business:

� airport management� transport infrastructure management� food & beverage and retail

To manage the different Business Units in an innovative way, with high responsibility and integrity, aiming at developing the territory which it serves;

To manage all the three business units in an integrated way in order to anticipate the travelers’ needs as they pass through theinfrastructures we manage.

Mission

To become a “mobility player” offering high quality services. SAVE

value chain focuses its attention on the passenger:

“Traveler Mobility Value”

To increase the time value of travelers during their stay in airports

and in the other mobility infrastructures:

“Pleasant travel experience”

Vision

Group Overview

A Company listed on the Italian Stock Exchange marketA Company listed on the Italian Stock Exchange market

4

To grow its position in the airport management business;

To develop and extend its management activities in the transportinfrastructure sector, utilising the know-how and skills learned in the airport business;

To increase Food & Beverage and retail turnover, carrying abroadItalian tastefulness

Save’s Main Strategic Guidelines

Maximizing the potential of existing ventures;

Selective acquisition of other airport concessions;

Progressive acquisition of additional F&B and retail concessionsthrough tenders, direct negotiations or acquisition of competitors, inItaly and abroad markets;

Acquisition of companies active in the transport infrastructure management.

Growth through

Group Overview

5

A TOP FINANCIAL INSTITUTION JOINS THE MAJOR SHAREHOLDER OF SAVE GROUP

�Morgan Stanley joins Finanziaria Internazionale and Generali Insurance in the shareholders’ agreement of Marco Polo Holding (the major shareholder of Save Group), with the aim to participate jointly in the acquisition of airport assets with less than 10 mln pax located in Italy, Europe, Turkey and Middle East;

Group Overview - Save recent historySAVE GROUP IMPLEMENTS NEW STRATEGIES

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

SAVE GROUP IS LISTED IN THE ITALIAN STOCK EXCHANGE MARKET (MTA)

� IPO in the Milan Stock Exchange (SAVE.MI), trough an increase of capital of € 160 mln;� SAVE Group acquires more than 10% of Gemina Spa share capital, an Italian Company that owns 51% of ADR (Aeroportidi Roma) share capital.

SAVE GROUP CONSOLIDATES ITS GROWTH STRATEGY

� SAVE Group acquires 100% of AIREST share capital from Austrian Airlines (2006) and then sells its Catering divisions focusing only on the F&B and Retail activities (2007)

� SAVE Group acquires 100% of RISTOP share capital from Autostrada Brescia – Padova (2006);� SAVE Group sell its 10% stake of Gemina Spa share capital to Morgan Stanley giving a pre-tax capital gain of € 31,5 mln� New air terminal is opened in Treviso Airport (2007) and Save Group acquires additional 35% of Aertre (i.e. Treviso Airport) capital share funded through Save shares

� SAVE Group acquires 100% of FFS and ITPS share capital, two companies based in Czech Rep. both operating F&B outlets in Prague Airport.

2005

2006-2008

2008

2001 - 2002

AIRPORT MANAGEMENT EXPANDS ABROAD

� Save Group acquires 27,65% of Charleroi Airport (BSCA) capital share in partnership with Holding Communal� Save Group obtains the approval of the Treviso Airport 40 year concession extension by ENAC 2009

6

Financial Oveview

€ million 2008 2009 2009* 2010change%

2010/2009

Revenues 327,6 340,5 340,1 337,3 -0,8%

EBITDA 55,3 60,1 60,1 66,9 11,2%

EBIT* 26,7 34,2 34,7 40,8 17,6%

Net Profit before taxes 22,9 30,7 31,3 42,0 34,1%

Net Profit 14,2 18,2 17,8 29,3 64,6%

€ million 31 Dec 2008 31 Dec 09 31 Dec 09* 31 Dec 2010change%

2010/2009

Capital Employed 362,0 367,3 379,6 381,1 0,4%

Net Financial Position 65,8 68,4 68,4 61,4 -10,2%

Equity ** 296,2 298,9 311,2 319,7 2,7%

Group Overview: Group Consolidated P/LThe 2010 solid key indicators are obtained from the Group discipThe 2010 solid key indicators are obtained from the Group disciplined guidance on lined guidance on

efficienciesefficiencies

* 2009 Restated based on IFRIC 12 and IFRS3 revised

SAVE SpA

Airport

Management

InfrastructureInfrastructure

ManagementManagement

Food & Beverage Food & Beverage

and Retailand Retail

SAVE SpA

Airport

Management

InfrastructureInfrastructure

ManagementManagement

Food & Beverage Food & Beverage

and Retailand Retail

2010 vs 2009 : Key Rationales

• Revenues: -0,8% in line, (Airport management+3%, Infrastructure management +6,5% and F&B and Retail -3,6%)

• EBITDA: +11,2% continuous strong margin improvement, driven by positive performances of the three areas of business (+€ 1,1m Aviation Management, +€1,8m Infrastructure management, +€3,7m F&B and Retail)

• EBIT: +17,6% due to the increase in operating profitability and the reduction of depreciation

• Net Profit before taxes: +c. €10,7m for positive balance of equity interests measured using equity method (in particular, BSCA +€2,3m) and the decrease in financial expenses (lower interest rates, mainly)

• Net profit: +€11,5m with an increase of profitability about 3,5% YoY

7

Group Overview: financial results by business unit

Positive operating performances from all businessesPositive operating performances from all businesses

* Gross of Intercompany Results and non allocated costs** Restated based on IFRIC 12 and IFRS 3 revised

Revenues Breakdown per SBU 2010

Infrastrucutre Management

9%

F&B and Retail58%

Airport Management

33%

Ebitda breakdown per SBU 2010

F&B and Retail20,7%

Infrastructure management

11,6%Airport

management67,7%

8

Save Group Revenues by SBU Save Group EBITDA by SBU

€ million 2009** 2010change%

2010/2009 € million 2009** 2010change%

2010/2009

Consolidated Revenues 340,1 337,3 (0,8%) Consolidated EBITDA 60,1 66,9 11,2%

Airport Management* 114,4 117,9 3,0% Airport Management* 44,1 45,2 2,6%

Infrastructure Management* 29,0 30,9 6,5% Infrastructure Management* 6,0 7,8 30,0%

F&B and Retail* 206,4 199,1 (3,6%) F&B and Retail* 10,1 13,8 37,1%

9

Group Overview: business units

� 9,0 million passengers in 12M10 (+6,2% YoY)

� 31 years of remaining concession period for the Venice Marco Polo Airport (until 2041);

� 40 years of remaining concession for the Treviso Airport;

� Present in airport car parking, airport security, engineering etc.

� Expanding abroad (Charleroi Airport stake acquisition closed in December 2009).

Airport Management (SBU1)

A diversified businesses portfolio for successful growthA diversified businesses portfolio for successful growth

� 103 railway station properties in exclusive management of commercial and real estate areas;

� 32 years of remaining concession period (until 2042);

� Business model characterized by high return after a short ramp up of commercial operations.

Infrastructure Management (SBU2)

Food & Beverage and Retail (SBU3)

� 167 shops directly managed as of 31st Dec 2010;

� Airports, Railway Stations, Motorways are the main targets for Food and Beverage and Retail services;

� The recent acquisitions in Italy and abroad upgrade Airest Group among one of the most important Italian companies in F&B and Retail business under concession.

7,0

(0,2)(16,4)

(4,7)

(24,0)

52,3

0

10

20

30

40

50

60

Gross Cash f low

+ ∆ NWC

Investments (-)

Disivenstments

(+)

Company's ow n

shares

Dividens Others ∆ (increase)

reduction Net

Indebtedness

€ in m

illions

Group Overview: Group Consolidated B/S and CF

Cash Flow and Net Financial Position: 31 December 2010

Consolidated Cash Flow 31 December 2010 (€/mln) 2010 Capex details by SBU

* 2009 B/S restated based on IFRIC 12

*

10

Balance Sheet (consolidated)

€ million 31 Dec 2008 31 Dec 2009 31 Dec 2009 * 31 Dec 2010NWC 1,8 (16,5) (12,9) (15,3)

Fixed Assets 387,7 412,2 444,2 442,8

Long Term Provisions (27,6) (28,1) (51,4) (46,5)

Assets and Liabilities held for sale 0,0 (0,3) (0,3) 0,1

Capital employed 362,0 367,3 379,6 381,1

Total Shareholders' Equity 296,2 298,9 311,2 319,7

Net indebtedness 65,8 68,4 68,4 61,4

D / E 0,22 0,23 0,22 0,19

14,215,9

1,5 0,8

9,3

7,5

0,0

2,0

4,0

6,0

8,0

10,0

12,0

14,0

16,0

18,0

2009 2010

€ in m

ilioni

SBU1 SBU2 SBU3

125,3

31,1

65,8 68,461,4

0,91,11,2

0,6

2,4

0

20

40

60

80

100

120

140

2006 2007 2008 2009 2010

€ in m

illio

ns

0,0

0,5

1,0

1,5

2,0

2,5

3,0

NE

T IN

DE

BT

ED

NE

SS

/ E

BIT

DA

NET INDEBTEDNESS NET INDEBTEDNESS /EBITDA

17,9 18,0

7,88,8

9,9

5,8

0,7 0,70,0

2,0

4,0

6,0

8,0

10,0

12,0

14,0

16,0

18,0

20,0

2011 2012 2013 2014 2015 2016 2017 2018

Group overview: Group debt structure

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

Strengthened net indebtedness/ EBITDA ratio, driven primarily byStrengthened net indebtedness/ EBITDA ratio, driven primarily by a strong cash a strong cash flow from operationsflow from operations

* As of 31 December 2010

11

12

Section 2Airport Management (SBU1)

9,3% 8,4% 9,8% 10,3% 9,2%

62,3% 61,1% 60,8% 61,7%

29,3% 29,1% 28,9% 29,1%

62,3%

28,4%

0%

25%

50%

75%

100%

2006 2007 2008 2009 2010

Other revenues Aviation Revenues Non aviation revenues

0,0

50,0

100,0

150,0

Revenues EBITDA

€ mln

2006 2007 2008 2009 2010

13

Airport Management: financials

* Gross of Intercompany Results

2009 P/L restated based on IFRIC 12 and IFRS 3 revised

2010 Revenue and EBITDA increase (+3,0% and +2,6% 2010 Revenue and EBITDA increase (+3,0% and +2,6% YoYYoY, respectively) are driven by , respectively) are driven by the good performances both of Venice and Treviso airportsthe good performances both of Venice and Treviso airports

+4,1%

+3,5%

x% = CAGR 2006-2010

2010 vs 2009 Key Rationales

� 2010 Revenues post an increase (+3,0%) due to the increase of both aeronautical revenue (+4.5%), primarily driven by increase in passengers (+ 6,2% YoY Venice airport system) and of non aviation revenues ( +3,7% YoY), led by new parking and commercial activities, partially offset by other revenues decrease (-7,5% YoY).

� 2010 EBITDA (slight increase YoY +2,6%) had been primarily impacted by the higher labor cost (renewal of labor national contract and increase of organic, led by Treviso Airport increase of passengers) and rise in marketing promos to carriers.

CAGR: +4,7%

Other revenues mainly include Airport management intercompany recharges to third parties and other business units

Aviation management Revenues breakdownAviation management Revenues breakdown

CAGR: +3,8%

Financial Oveview SBU1*

€ million 2009 2010change%

2010/2009

Revenues 114,4 117,9 3,0%

EBITDA 44,1 45,2 2,6%

EBIT 32,4 32,7 0,8%

14

Airport Management: Venice Airport System

� In 2010 Italian air traffic recorded an increase of +7%compared with 2009, as a result of gradual and continuing economic recovery, despite of the volcanic ash in April, with volumes above 2007 figures.

� European accumulated traffic January to December 2010: +4,2% (according to ACI Europe data).

� Venice airport system confirms itself as third Italian system, with over 9 million passengers (+6.2% vs 2009)

� 6,9 million passengers in year 2010, with 74,700 movements

� Third Italian airport system with TSF

� 63 scheduled destinations: 8 intercontinental, 10 domestic,45 European

� 5 non-stop scheduled flights to the US 3 flights to US operated by Delta Air Lines & US Airways and 2 flights to Canadaoperated by Air Transat. 1 daily non-stop service to Dubai operated by Emirates.

� 41 scheduled carriers and 32 countries linked

� Connecting traffic represents 27% of airport yearly traffic

� Venice is the third Italian airport for worldwide

connectivity after Rome and Milan (source: ICCSAI Fact Book 2010)

� Low-cost traffic: ~ 30% of scheduled traffic

� Passengers on international destination: 72% (Italy: 57%)

Key figures Aviation (2010 data)Key figures Aviation (2010 data)Key figures Aviation (2010 data)Key figures Aviation (2010 data)

Italian airport Passengers

12M09

Passengers

12M10

% chg.

Roma FCO 33.808.456 36.337.523 7,5%

Milano MXP 17.551.635 18.947.808 8,0%

Milano LIN 8.295.099 8.296.450 0,0%

Bergamo 7.160.008 7.677.224 7,2%

Venezia 6.717.600 6.868.968 2,3%

Catania 5.935.027 6.321.753 6,5%

Napoli 5.322.161 5.584.114 4,9%

Bologna 4.782.284 5.511.669 15,3%

Roma CIA 4.800.259 4.564.464 -4,9%

Palermo 4.376.143 4.367.342 -0,2%

Pisa 4.018.662 4.067.012 1,2%

Torino 3.227.258 3.560.169 10,3%

Cagliari 3.333.421 3.443.227 3,3%

Bari 2.825.456 3.398.110 20,3%

Verona 3.065.968 3.023.897 -1,4%

Treviso 1.778.364 2.152.163 21,0%

Lamezia T. 1.645.730 1.916.187 16,4%

Olbia 1.687.687 1.737.904 3,0%

Others* 10.356.132 12.015.212 16,0%

TOTAL ITALY 130.687.350 139.791.196 7,0%

Source AssaeroportiPassengers

12M09

Passengers

12M10

% chg.

Hubs * 51.360.091 55.285.331 7,6%Medium size airports ** 47.880.417 50.375.699 5,2%Airport with prevailing traffic of Ryanair *** 20.946.464 22.157.797 5,8%Others 10.500.378 11.972.369 14,0%

TOTALE 130.687.350 139.791.196 7,0%

Source: Assaeroporti, ADI-Sabre

* Hubs: FCO, MXP

** Airports with over 3 MM pax and % Ryanair <50%: Bologna,Bari,Cagliari,Catania,Milan LInate,Naples,Palermo,

Turin, Venice, Verona

*** Airports with % Ryanair >50%: Alghero,Bergamo,Brescia,Rome Ciampino,Pisa,Pescara,Treviso,Trapani

Italian Airports: breakdown by category

6,72

1,78

8,50

6,87

2,15

9,02

0,0

2,0

4,0

6,0

8,0

10,0

Venice Treviso Airport system

12M09 12M10

1,54

0,43

1,97

1,56

0,54

2,10

0,0

0,5

1,0

1,5

2,0

2,5

Venice Treviso Airport system

4Q09 4Q10

5,9 5,8 6,37,1 6,9 6,7 6,9

0,9 1,31,3

1,5 1,7 1,82,2

0,0

2,0

4,0

6,0

8,0

10,0

2004 2005 2006 2007 2008 2009 2010

80,0 78,8 82,288,8

79,9 75,8 74,7

16,3 17,617,2

19,3

19,118,4 20,6

0,0

20,0

40,0

60,0

80,0

100,0

120,0

2004 2005 2006 2007 2008 2009 2010

15

Airport Management: key figures aviation

(1) Venice Airport System: Venice Airport + Treviso AirportVenice Treviso

CAGR: +4,9%

6,87,1

7,7

8,6 8,6 8,5

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

96,4 99,4108,1

99,096,3 94,2

Venice Airport system (1) passenger trend

+0,9%

+27,9%

+6,8%

mill

ions

2010 Traffic in Venice airport system continues its positive tre2010 Traffic in Venice airport system continues its positive trend (+ 6,2% in 2010 nd (+ 6,2% in 2010 vsvs 2009), 2009),

thanks to the high offer of the airport systemthanks to the high offer of the airport system

+2,3%

+21,0%

+6,2%

4Q10 vs 4Q09 YoY change 12M10 vs 12M09 YoY change

95,3

CAGR: -0,2%

9,1

FCO

17%

MAD

11%

CDG

10%FRA

9%DXB

8%

MUC

8%

AMS

7%

ZRH

5%

JFK

3%

VIE

3%

Others

19%

16

Venice Airport: passenger traffic breakdown (2010)Venice Airport: passenger traffic breakdown (2010)

Airport Management: key figures aviation - Venice Airport

Scheduled international passengers by country(nbr. of passengers onboard in thousands) 12M10 vs 12M09

Source: SAVE

Scheduled traffic by carrier – Top 10 carriers(by nbr. of onboard passengers)

2010 - over 1,800,000 transited via:

Easyjet

14%

Lufthansa

9%

Air France

8%

Others

29%

Windjet

4%British A.

4%

Vueling

4%

Iberia

5%

Air Berlin

4%

Klm

3%

Alitalia/

Airone

16%

0 500 1.000 1.500 2.000

Others

Austria

Sw itzerland

United Arab Emirates

United States

Holland

United Kingdom

Spain

Germany

France

Italy

2009 2010

� Over 1,8 million passengers in

year 2010 continue their trip

after the first flight to reach

their final destination

� Connecting traffic represents

27% of airport yearly traffic

� The 15% of connecting

passengers travels via an

intercontinental hub (DXB,

PHL, JFK, ATL)

2009 - over 1,700,000 transited via:

AMS

9%

ZRH

6%

PHL

3%

VIE

3%

MUC

7% DXB

6%

FRA

10%

CDG

11%

MAD

11%

FCO

18%

Others

16%

Connecting passengers

VENICE

Paris

Madrid

London

Frankfurt

Barcelona

Amsterdam

Munich

Zurich

Lyon

Vienna

Berlin

Cologne

East Midlands

Bruxelles

Bristol

Lisbon

Moscow

Copenhagen

Bucharest

Dublin

Istanbul

Leeds

Stuttgart

Helsinki

Budapest

Hamburg

Hanover

Timisoara

Prague

Oslo

Riga

Geneva

Athens

Nice

Edinburgh

Düsseldorf

Manchester

Warsaw

Sevilla

Malaga

Ibiza

Tirana

Basel

Pristina

17


North AmericaNorth Americanonnon--stop stop destinationsdestinations

AtlantaAtlanta

New York JFKNew York JFK

PhiladelphiaPhiladelphia

TorontoToronto

MontrealMontreal

The 2010 scheduled trafficThe 2010 scheduled traffic

Middle EastMiddle Eastnonnon--stop stop destinationsdestinations

DubaiDubai

DomesticDomesticnonnon--stop stop destinationsdestinations

RomeRome FCO FCO –– NaplesNaples –– Bari Bari -- Brindisi Brindisi –– Lamezia Terme Lamezia Terme Reggio Calabria Reggio Calabria –– Palermo Palermo -- Catania Catania –– Olbia Olbia -- CagliariCagliari

CasablancaCasablancaCasablancaCasablanca

TunisTunisTunisTunis

18


-------------------------------------------------------------------------------------

A carrier that guarantees capillarity in the territory as well as connecting passenger flows North - South

BARI LAMEZIA T. REGGIO C.

BRINDISI NAPLES ROME FCO

CAGLIARI OLBIA

CATANIA PALERMO

-------------------------------------------------------------------------------------

Guarantee to our catchment area accessibility to the world

Link Venice to niche high volume markets

Guarantee capillary penetration of far afield territories through regional hubs

7 flts/day10 flts/day 4 flts/day 3 flts/day 3 flts/day 3 flts/day 3 flts/day

1 flt/day1 flt/day1 flt/day2 flts/day2 flts/day

JFK & ATL PHL DXB YYZ & YUL

1 flt/day 1 flt/day3 flts/wk

�

�

�

�

Venice Airport traffic: 4 points strategyVenice Airport traffic: 4 points strategy

Home base carrierHome base carrier

Link with hubsLink with hubs

Point to pointPoint to point -------------------------------------------------------------------------------------

IntercontientalsIntercontientals -------------------------------------------------------------------------------------

DOH

19


New scheduled flights and frequency increasesNew scheduled flights and frequency increases

Carrier Destination Frequency From

QATAR AIRWAYS Doha 7 15/06/2011

AIR CORSICA Marseille 3 14/02/2011

ARMAVIA Yerevan 2 02/04/2011

CROATIAN AIRLINES Dubrovnik 2 19/05/2011

EASYJET Madrid 4 27/03/2011

NORWEGIAN Copenhagen 1 02/07/2011

NORWEGIAN Stoccolma 1 02/07/2011

SUN D'OR Tel Aviv 1 27/03/2011

VUELING Palma di Maiorca 3 25/05/2011

VUELING Toulouse 4 26/04/2011

New scheduled destination - Venice Airport


TURKISH AIRLINES Istanbul 14 01/04/2011

NORWEGIAN Oslo 3 27/03/2011

SAS Stoccolma 2 27/03/2011

Frequency increases - Venice Airport

20

Airport Management: key figures aviation - Treviso Airport

Casablanca

TREVISO

Paris

London

Frankfurt

Barcelona

Amsterdam

Bruxelles

Bucharest

Dublin

Budapest

Tirana

Prague

Malta

Stockholm

Liverpool

Düsseldorf

Bremen

Cagliari

Alghero

Trapani

Timisoara

Sofia

Cluj

Katowice

Bari

Brindisi

Cologne Kiev

Leeds

Warsaw

Lviv

Alicante

East Midlands

Bristol

Malaga

Ibiza

Reus

Oslo

Palermo

Sevilla

Valencia

Marseille

� Low-cost carriers

connected Treviso with 44

domestic and European

destinations in year 2010

� Ryanair opened 15 new

destinations during the

year and Wizzair

inaugurated the new

Eastern Europe routes

Warsaw and Lviv


GERMANWINGS Hannover 3 27/03/2011

RYANAIR Lanzarote 2 05/06/2011

New scheduled destination - Treviso Airport

Treviso Airport continues the strong growth in passengers, with Treviso Airport continues the strong growth in passengers, with over 2 millions of over 2 millions of paxpax during during

2010 (+21% 2010 (+21% YoYYoY), driven by a diversified traffic base and new scheduled desti), driven by a diversified traffic base and new scheduled destinationsnations

-

1.000

2.000

3.000

4.000

5.000

6.000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Passagers Ryanair Other carrier

21

Airport overview

Airport Management: Charleroi airport growth

� Charleroi Airport is in concession to Brussels South Charleroi Airport (BSCA) until 2040.

� 10 New routes for summer: 10 new destinations had been

announced by the carriers at Charleroi Airport:

� 8 new destination of Ryanair: Almeria (Spain), Rhodes,

Kos, Volos and Thessalonik (Greece), Lamezia, Pescara,

Perugia (Italy)

� 1 new destination of Jetairfly: Athens (Greece)

� 1 new destination of Wizzair: Belgrado (Croazia)

Key numbers

� Save acquired 27,65% of BSCA capital through a consortium agreement between Save at 65% and Holding Communal at 35%.

� Passengers:

� 2010: 5,2 mln passengers (+ 32% vs 2009).

� Carriers:

- Ryanair represents ~ 80% of today scheduled trafficwith 69 scheduled routes and 13 based aircraft (14th based aircraft during May – August 2011)

- TUI group is active with 18 routes and 3 based aircraft

as of April, Wizzair is active with 6 routes and Air

Arabia with 1 route.

During 2010 Charleroi Airport traffic increases by+32% During 2010 Charleroi Airport traffic increases by+32% YoYYoY, ,

closing with over 5 millions of passengersclosing with over 5 millions of passengers

Pax

in t

ho

usan

ds

Charleroi Traffic growth 2000-2010

CAGR

+35,2%

CAGR

+35,9%

CAGR

+32,0%

8,2

3,9

8,1

3,8

0,0

2,0

4,0

6,0

8,0

10,0

Aviation Revenues per pax Non Aviation Revenues per pax

12M09 12M10

5,8

1,6

5,8

1,7

0,0

2,0

4,0

6,0

8,0


12M09 12M10

8,8

4,5

8,8

4,5

0,0

2,0

4,0

6,0

8,0

10,0


12M09 12M10

22

Airport Management: key figures non aviation

� €4,5 non aviation revenues per Pax 2010 (€ 4,5 in 2009) whereof

€1,4 parking revenues per Pax 2010 (€1,4 in 2009);

� €7,3 average spending per pax on commercial activity 2010 (€ 7 in

2009);

� 5.673 total parking spaces (as of 31th December 2010, plus 375

spaces at Treviso Airport since June 2009)

(Venice Airport only – 2010 data)

* VCE: aviation revenues increased by 1,7% driven by increase in passengers and cargo activities; non aviation increased by 1.6% thanks to new parks and to successful marketing actions ;

** TSF: aviation revenues +20,5% driven by passengers growth; non-aviation revenues increased by 25,8% thanks to the full year contribution of 2009 new parks and to successful marketing actions;

*** Venice Airport System: Venice Airport + Treviso Airport

Venice Airport system (€) ***

Treviso Airport (€)**

Venice Airport (€)*

- 0,5%

-0,6%

-0,5%

Venice Airport system aviation and non aviation figures per Venice Airport system aviation and non aviation figures per paxpax in line in line YoYYoY

+4,0 %

-1,6%

-2,3%

6,0 6,26,6

7,07,3

2006 2007 2008 2009 2010

23

Commercial spending increase of Venice Airport highlights the sCommercial spending increase of Venice Airport highlights the strategic partnerships (i.e. trategic partnerships (i.e.

Mc Arthur Glen Mc Arthur Glen ““CollezioniCollezioni””) and the extended offer of Airest point of sales) and the extended offer of Airest point of sales

Airport Management: key figures non aviation - Venice Airport

* Total departing and arriving passengers

Growth of Commercial Spending (€/Pax*)

CAGR: +5,2 %

Average spending per pax increased by 5,0% (2010 YoY growth), confirming the excellent performance of the new commercial area dedicated to Mc Arthur Glen “Collezioni” outlets and the Airest point of sales.

24

Airport Management: tariffs

Italian Airports tariff System: state of the artItalian Airports tariff System: state of the art

• The Italian Government has approved the Decree whereby Italian

airports will receive a contribution/grant in order to finance their

investment plan to be approved by ENAC (Italian Civil Aviation Authority).

• In March 2010, ENAC has approved the Venice Airport investment plan,

about urgent aeronautical investment to be contributed with an increase

of €3 per departing passenger. The request is now under CIPE

(Interdepartmental Committee for Economic Planning) examination and

it’s very difficult to foresee when tariffs increase will be approved.

• Meanwhile the Government has approved the adjustment of aviation

tariffs by inflation (+1,5%) for 2010, which is effective starting from 10th

January 2011.

• Recently, Venice airport has been admitted by law to a faster and simpler

negotiation process of the “Contratto di Programma”, together with

Rome and Milan airport systems. The process with Enac has started in

order to define details and rules.

State of the Art

25

Airport Management: strategic guidelines

VeniceVenice’’s strength has been to maintain strong drivers for resilient gros strength has been to maintain strong drivers for resilient growthwth

Market trends and challenges Actions

� Support for existing traditional carriers operating in Venice to increase connecting transfers with Venice

� Good growth track-record and significant organic growth prospects (with no environmental constraints);

� Strong catchment area and well diversified traffic (by airline, destination, reason for travel, etc);

� Demonstrated resilience to adverse events;

� Low investment requirement in the short term.

SAVE main competitive advantages

� Taylor the offer by introducing discount scheme that drives the pax to consume

� Airline consolidation

� Pressure on Non-Aviation Revenues

� Slight world economic recovery

� Diversification by looking at best fit carrier/destination

� Capitalize on the recovery to be ready to implement new intercontinental routes as soon as the market will bear them

� Strengthening of mainline carriers

26

Section 3Infrastructure Management (SBU2)

0,0

10,0

20,0

30,0

Revenues EBITDA

€ m

ln

2008 2009 2010

27

Revenues Breakdown SBU2 - 2010

Infrastructure Management: financials

Revenues Breakdown SBU2 - 2009


** Includes the concession amortization related to the acquisition of the company

2010 vs 2009 Key Rationales:

� 2010 revenues up (YoY increase 6,5%) as a result of the increase in commercial activities and the contractual compensation, offset by a decrease in revenues from facility management.

� 2010 EBITDA strongly grows by 30% vs 2009 with an increase of marginality (up 4,5% YoY) thanks also to the continuous cost efficiencies .

All indicators up thanks to the increase of commercial activitieAll indicators up thanks to the increase of commercial activities and robust cost s and robust cost

efficiencies policyefficiencies policy

Sales52%Facility Management

43%

Engineering2%

Other revenues3%

x% = CAGR 2008-2010

+25,5%

Sales49%

Facility Management44%

Engineering3%

Other revenues4%

+5,0%


€ million 2009 2010Change%

2010/2009

Revenues 29,0 30,9 6,5%

EBITDA 6,0 7,8 30,0%

EBIT ** 2,7 4,1 53,9%

+ bonus linked to CS

28

Operator

Public partner

40%

60%

40%60%

Private partner

OthersArchimede 1

Centostazioni: Ownership Structure Key figures(as of December 31,st 2010)

Infrastructure Management: key figures and investments

40% of rentals

Cost reimbursements, fees, professional tariffs

Commercial

Partners

and Other

Partners

Royalties and Rentals

Rentals contracts

Business Model

Profit and Loss Structure

Sales Facility management Engineering

Revenues Rental; Fees; RoyaltiesCost reimbursment plus a 6% mark up

10% fee on investment managed

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

� 73 stations refurbished;

� 13 stations under refurbishment and expected to be completed within 2011;

� 116.929 total sqm rented of which 70.399 sqm to commercial

activities and 46.530 sqm to railways companies;

� 160.000 total sqm expected at the end of the refurbishment process;

� 152,9 M€ capital expenditure out of a total plan of 188,5 M€ as of today; of which 56,8 M€ spent by Centostazioni out of a total plan of 59,2 M€.

50.19255.311

62.334 66.413 65.736 69.567

0

10.000

20.000

30.000

40.000

50.000

60.000

70.000

80.000

2005 2006 2007 2008 2009 2010

292929

Commercial Square meter

Infrastructure Management: key figures

Revenues per Square meter

Some examples in the Value Creation Model

The growth of efficiency and The growth of efficiency and

profitability of a railway station profitability of a railway station

after its refurbishment is after its refurbishment is

underlined by the huge increase in:underlined by the huge increase in:

-- revenuesrevenues

-- revenues per revenues per sqmsqm

Example of 15 refurbished railway station

Total 15 Station* Before Refurbishment After Refurbishment Delta %

Commercial Square metres 7.489 17.103 128%

No. Of Shops 59 170 188%

Revenues 1.296 7.220 457%

Revenues per sqm 173 422 144%

* Brescia, Milano Lambrate, Roma Ostiense, Roma Trastevere, Treviso, Modena, Parma, Reggio Emilia, Udine, Milano P.G., Trieste, Novara, Vicenza, Napoli Mergellina, Napoli C. Flegrei, Monza

� The decrease in the Revenues per sqm is mainly due to the renegotiation of existing contracts and the commercialization of spaces with lower value

� Revenues per sqm grew from € 190 in 2004 to € 252 in 2010

233 244287

262 252215

0

50

100

150

200

250

300

350

2005 2006 2007 2008 2009 2010

€

CAGR: +3,2%

CAGR: +6,7%

30

� Volume of railway passengers (mainly commuters) slightly declining

� Slow down of consumer spending

� Crisis of traditional retail operators

ActionsMarket trends and challenges

� Reinforce current business model with more focus on commercial performance and cost efficiency

� Develop alternative sources of revenues (advertising, temporary promotions, automatic distributors, real estate, etc.)

� Search for innovative retail formats more targeted to railway passengers

Infrastructure Management: strategic guidelines

The infrastructure business is only partially hit by the currentThe infrastructure business is only partially hit by the current economic crisiseconomic crisis

SAVE main competitive advantages

� 32-year exclusive concession;

� Premium price location in many Italian cities;

� Low risk business with low investment requirement;

� High returns after a short ramp up for commercial operations;

� Opportunity to increase the stake in Centostazioni.

31

Section 4Food & Beverage and Retail (SBU3)


€ million 2009 2010Change%

2010/2009

Revenues 206,4 199,1 -3,6%

EBITDA 10,1 13,8 37,1%

EBIT (0,3) 4,0 n.a.-10,0

20,0

50,0

80,0

110,0

140,0

170,0

200,0

230,0

Revenues EBITDA

€ mln

2008 2009 2010

13.836

(409)

(7.362)

1.1364119.972

10.089

-

2.000

4.000

6.000

8.000

10.000

12.000

14.000

16.000

FY 2009 Ebitda Revenues effect COGS effect Royalties Labour cost Other costs FY 2010 Ebitda

32

Food & Beverage and Retail: financials

2010 vs 2009 Key Rationales:

� 2010 Revenues post a slightly 3,6% YoY decrease, for the expiring of some motorway channel concessions, positively offset by the sales increase of airport and urban channels, as a result of the European traffic recovery and new openings.

� 2010 EBITDA is highly positive over the prior year (+37,1%% YoY) thanks to the positive results in foreign markets and higher efficiency in COGS


** Including concession amortization

+0.8%

x% = CAGR 2008-2010

**

2010 vs 2009 Airest Group EBITDA bridge

‘000 €

* 2009 extraordinary cost items to be accrued in 2008

10.089

+490*

Margin improvements, primarily on COGS, leads the 2010 positive Margin improvements, primarily on COGS, leads the 2010 positive performanceperformance

+40,6%

33

2006-2007 20092008 20102001

Airest Group, born in 2001, is today an international player preAirest Group, born in 2001, is today an international player present in 8 countries with a sent in 8 countries with a

high quality food research & design and production facility, couhigh quality food research & design and production facility, counting nting 2.071*2.071* employeesemployees

Acquisition of FFS & ITPS(Prague airport concessions)

Openings in France and Abu Dhabi

Commercial partnership with McArthur Glen**

Start up ofproduction facility (VIF)

May 2001 – Start up of operations(5 F&B and 3 Retail outlets at Venice Marco Polo Airport).

New openings at Catania, Treviso and Olbia airports

2004 enter Italian railways concessions (through Centostazioni)

Acquisition ofAIREST (Austrian airport concessions)

Acquisition ofRISTOP (F&B motorways concessions)

First opening in China

Opening of 4 new F&B outlets at Rome Airport

First openings in Russia (Moscow Sheremetyevo Airport)

Food & Beverage and Retail: history

* As of 31 December 2010** International Outlet / Shopping Mall operator

AIREST

VIFAIREST

INTERNATIONAL

(Foreign companies) (Research, Design & Production)

(Airest Italy & Holding)

Austria

Slovenia

Czech Rep.

France

Russia

China

UAE

2002-2003 2004-2005

Opening of a new outlet at Shanghai EXPO

34

The Airest Group keeps growing, not only through acquisitions, bThe Airest Group keeps growing, not only through acquisitions, but also thanks to the ut also thanks to the

new concessions awarded in Italy and abroadnew concessions awarded in Italy and abroad

Food & Beverage and Retail: outlet development

16 new openings in the 2010, whereof 11 in

Italy and 5 abroad

Points of sales evolution New openings in 2010

106

159

118

* As of 31st Dec 2010

150

167*

827

7289 97 98 103

29

5361

64

34

2001 2005 2006 2007 2008 2009 2010*

Rest of the world

Italy

35

Revenues Breakdown Italy – Abroad (2010)

Food & Beverage and Retail: geographic presence

Airest group geographic presence

Airest is consolidating its presence abroad: Airest is consolidating its presence abroad:

~~25% of total revenues come from international operations in 201025% of total revenues come from international operations in 2010

China

(2007)

Abu Dhabi

(2008)

Prague

(2008)

Moscow

(2009)

Vienna

(2006)

China

(2007)

Abu Dhabi

(2008)

Prague

(2008)

Moscow

(2009)

Vienna

(2006)

Geographic presence of Airest Group

Abroad25%

Italy75%

36

Food & Beverage and Retail: market presence

* As of 31st Dec 2010 ** Austria, Slovenia, Czech Republic, France, Russia

Airest Group is positioned both in airports (55% of total revenuAirest Group is positioned both in airports (55% of total revenues) and motorways (30%) , es) and motorways (30%) ,

but is operating in shopping malls and railway stationbut is operating in shopping malls and railway station

Revenues Breakdown per channel (2010) Number of outlets by channel & country*

Airest presence in Airports

- In Italy: Venice, Treviso, Rome, Bari,

Bergamo, Catania, Verona

- Abroad: Wien, Prague, Moscow,

Lyon, Ljubljana, Graz, Klagenfurt,

Salzburg

*** Where Airest is present

Passenger traffic trend in relevant airports *** ( 2010 vs 2009)

Source: Assaeroporti and Management data

2,3%

7,5% 7,0%8,7%

21,0%

-0,9%

Venice Treviso Rome Avg Italian

Airports

Vienna Prague

Motorways29,5%

Railways Stations6,4%

Shopping Malls9,1%

Airports55,1%

SBU 3: Outlets by Channel*

ChannelItalian

Market

Other European

Markets **

United Arab

Emirates China

Total

SBU3

Airports 48 54 0 0 102

Railway Stations 15 1 0 1 17

Motorways 23 0 0 0 23

Shopping Malls and Business Centers

17 3 2 3 25

Total 103 58 2 4 167

37

Airest Group is constantly improving margins despite the economiAirest Group is constantly improving margins despite the economic downturn is still c downturn is still

depressing consumer consumptiondepressing consumer consumption

Food & Beverage and Retail: strategic guidelines

� Excellent track record in infrastructure concessions;

� Access to the rich Italian motorways concession business throughpast acquisitions;

� New business model (innovative formats for the open market leveraging in-house food research & design, production);

� Increasing economies of scale.

� Airest branded VIF, centre of excellence for research and production in the food sector

ActionsMarket trends and challenges

Airest main competitive advantages

� Slow recovery of passengers in transport infrastructure

� Higher diversification per sales channel

� Renegotiation of royalties

� New pricing policy and offering

� Development of distinctive and innovative formats

� Differentiation by food research, design & production in house (VIF)

� More balanced Italy/foreign market sales weight

� Development in foreign markets with a long term view

� Decrease of consumptions & change of life style

� Global Market crisis

38

Airest future growth will come from an increased focus on foreigAirest future growth will come from an increased focus on foreign markets, partnerships n markets, partnerships

with key international players and the development of the with key international players and the development of the RustichelliRustichelli & & MangioneMangione formatformat

Food & Beverage and Retail: future developments

Geographic growth

Partnerships with international

players

Development of R&M** format

� China: development of Bricco format

� Abu Dhabi (EAU)

� Moscow / Russian airports

� Partnerships with primary international outlet mall operators

� Partnerships with key local investors in foreign markets

� Direct management of new outlets

� Development of franchising

* Airest has been awarded a F&B outlet at Expo Shanghai 2010** R&M = Rustichelli & Mangione

39

Section 5Appendix

40

Profit and Loss details

Save Group : P&L

41

€ million 2009

% on

Revenues 2010

% on

Revenues

Change

2010/2009%

Revenues 340,1 100,0% 337,3 100,0% (2,8) -0,8%

Raw materials (88,7) -26,1% (78,2) -23,2% 10,5 11,8%

Changes in products and work in progress (0,3) -0,1% 0,3 0,1% 0,5 215,5%

Services (60,6) -17,8% (60,8) -18,0% (0,2) -0,3%

Third party property (39,1) -11,5% (38,2) -11,3% 1,0 2,5%

Cost of labour (88,6) -26,0% (90,7) -26,9% (2,2) -2,4%

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

Total operating expenses (280,0) -82,3% (270,4) -80,2% 9,6 3,4%

EBITDA 60,1 17,7% 66,9 19,8% 6,7 11,2%

Amortisation intangibile assets (10,6) -3,1% (11,2) -3,3% (0,6) -5,5%

Depreciation tangible assets (11,3) -3,3% (10,2) -3,0% 1,1 9,9%

Losses and risks on receivable (0,9) -0,3% (1,7) -0,5% (0,8) -91,6%

Accrual for provision (2,6) -0,8% (2,9) -0,9% (0,3) -12,7%

Total D&A and provision (25,4) -7,5% (26,0) -7,7% (0,6) -2,5%

EBIT 34,7 10,2% 40,8 12,1% 6,1 17,6%

Financial income and expenses (3,4) -1,0% 1,1 0,3% 4,6 133,2%

Net Profit before taxes 31,3 9,2% 42,0 12,4% 10,7 34,1%

Taxes (13,3) -3,9% (12,3) -3,7% 1,0 7,3%

Net Profit from operating assets 18,0 5,3% 29,6 8,8% 11,6 64,7%

Profit/(Loss) net of disposed of held for sale assets (0,2) 0,0% (0,3) -0,1% (0,1) -79,5%

Net Profit of the period 17,8 5,2% 29,3 8,7% 11,5 64,6%

Profit/(Loss) minorities 0,8 0,2% (1,8) -0,5% (2,6) n.a

Group Net Profit 18,7 5,5% 27,6 8,2% 8,9 47,7%


*

Airport management : P&L

€ million 2009

% on

Revenues 2010

% on

Revenues

Change

2010/2009%

Revenues 114,4 100,0% 117,9 100,0% 3,5 3,0%

Raw materials (2,3) -2,0% (1,8) -1,5% 0,5 22,6%

Changes in products and work in progress (0,3) -0,2% 0,3 0,2% 0,5 215,5%

Services (28,9) -25,3% (30,7) -26,0% (1,8) -6,1%


Cost of labour (32,6) -28,5% (34,7) -29,4% (2,1) -6,4%

Other operating expenses (1,4) -1,2% (1,5) -1,3% (0,1) -10,5%

Total operating expenses (70,3) -61,5% (72,6) -61,6% (2,3) -3,3%

EBITDA 44,1 38,5% 45,2 38,4% 1,2 2,6%




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


EBIT 32,4 28,3% 32,7 27,7% 0,3 0,8%

Financial income and expenses (0,0) 0,0% 2,8 2,4% 2,9 n.a


Taxes (10,7) -9,3% (11,7) -9,9% (1,0) -9,7%


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


42


*

Infrastructure management : P&L

43

€ million 2009

% on

Revenues 2010

% on

Revenues

Change

2010/2009%

Revenues 29,0 100,0% 30,9 100,0% 1,9 6,5%

Raw materials (0,1) -0,3% (0,1) -0,2% 0,0 15,6%

Changes in products and work in progress 0,0 0,0% 0,0 0,0% 0,0 0,0%

Services (13,6) -46,9% (13,5) -43,8% 0,0 0,3%

Third party property (6,4) -22,1% (6,5) -21,0% (0,1) -1,1%

Cost of labour (2,7) -9,4% (2,8) -9,2% (0,1) -3,8%

Other operating expenses (0,2) -0,7% (0,2) -0,6% 0,0 9,1%

Total operating expenses (23,0) -79,3% (23,1) -74,8% (0,1) -0,4%

EBITDA 6,0 20,7% 7,8 25,2% 1,8 30,0%

Amortisation intangibile assets (2,1) -7,3% (2,1) -6,7% 0,0 2,1%

Depreciation tangible assets (0,7) -2,5% (0,8) -2,6% (0,1) -11,2%


Accrual for provision (0,1) -0,4% (0,0) -0,1% 0,1 64,8%


EBIT 2,7 9,3% 4,1 13,4% 1,5 53,9%

Financial income and expenses (0,8) -2,6% (0,3) -0,9% 0,5 62,7%


Taxes (1,7) -5,9% (2,0) -6,3% (0,3) -14,9%


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


F&B and Retail management : P&L

44

€ million 2009

% on

Revenues 2010

% on

Revenues

Change

2010/2009%

Revenues 206,4 100,0% 199,1 100,0% (7,4) -3,6%

Raw materials (86,3) -41,8% (76,4) -38,4% 9,9 11,5%

Changes in products and work in progress 0,0 0,0% 0,0 0,0% 0,0 0,0%

Services (20,7) -10,0% (19,7) -9,9% 1,0 4,8%


Cost of labour (53,2) -25,8% (53,2) -26,7% 0,0 0,1%

Other operating expenses (1,4) -0,7% (1,3) -0,7% 0,1 3,8%

Total operating expenses (196,4) -95,1% (185,2) -93,0% 11,1 5,7%

EBITDA 10,1 4,9% 13,8 7,0% 3,7 37,1%



Losses and risks on receivable (0,3) -0,1% (0,2) -0,1% 0,1 23,5%

Accrual for provision (0,1) 0,0% (0,4) -0,2% (0,3) -526,7%

Total D&A and provision (10,4) -5,1% (9,8) -4,9% 0,6 5,7%

EBIT (0,3) -0,2% 4,0 2,0% 4,3 n.a.

Financial income and expenses (2,6) -1,3% (1,4) -0,7% 1,2 45,9%

Net Profit before taxes (3,0) -1,4% 2,6 1,3% 5,5 n.a.

Taxes (0,9) -0,5% 1,3 0,7% 2,3 n.a.

Net Profit from operating assets (3,9) -1,9% 3,9 2,0% 7,8 n.a.

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

Net Profit of the period (4,1) -2,0% 3,6 1,8% 7,7 n.a.

45

SBU details

46


the nonthe non--stop passengers (onboard) on scheduled flights (2010)stop passengers (onboard) on scheduled flights (2010)

% chg % chg

Destination Pax 2010 '10/'09 Destination Pax 2010 '10/'09

Rome FCO 796.013 7,3% Copenhagen 42.572 -1,8%Paris CDG 619.916 -4,2% Olbia 42.473 45,7%Madrid 445.923 -1,0% Berlin TXL 40.883 31,8%London LGW 415.053 -3,3% Stuttgart 40.780 10,5%Frankfurt 384.624 0,5% Atlanta 34.616 22,3%Naples 329.079 10,8% Manchester 31.724Catania 325.504 29,4% Timisoara 30.953 -16,2%Barcelona 252.417 6,4% Leeds Bradford 29.292 -0,9%Amsterdam 209.283 -4,2% Bucharest OTP 28.792 99,3%Palermo 204.356 -0,4% Brindisi 26.196 -4,8%Dubai 187.539 27,8% Riga 25.325 58,3%Munich 184.707 10,2% Lamezia Terme 22.378 426,7%Zurich 168.171 -0,9% Prague 22.348 -31,6%Paris ORY 163.848 302,7% Hamburg 21.907 -29,8%Lyon 123.283 5,9% Geneva 21.589 8,0%New York JFK 121.357 0,3% Edinburgh 20.725 122,3%Vienna 106.652 6,0% Athens 19.244 36,7%Berlin SXF 106.195 5,0% Budapest 19.158 -41,9%Düsseldorf 94.641 39,8% Hanover 18.173 -47,5%Istanbul 87.551 12,3% Casablanca 17.491 108,4%Bari 87.123 8,7% Reggio Calabria 16.228Lisbon 76.331 8,1% Sevilla 15.951 -22,2%Brussels 76.247 -10,4% Toronto 15.891 -23,0%Moscow 75.869 14,1% Helsinki 13.802 -18,5%London LHR 63.027 -52,8% Montreal 11.636Cologne 53.931 -42,5% Tirana 10.960Philadelphia 51.685 -7,4% Others scheduled 67.667 -53,9%Cagliari 47.418 -30,3% Transits 15.348 21,6%Dublin 44.450 -7,9% Charter 184.711 -24,6%East Midlands 43.589 -50,3% General aviation 14.373 -9,7%

TOTAL 6.868.968 2,3%

Source: Save database

VENICE AIRPORT - SCHEDULED TRAFFIC - CY 2010

Destinations with nbr. of passengers > 10,000

TSF - Pax evolution 2006/2010

1.3411.548

1.709 1.778

2.152

0

500

1.000

1.500

2.000

2.500

2006 2007 2008 2009 2010

47

Airport Management: key figures aviation - Treviso Airport

The 2010 scheduled passengers of Treviso AirportThe 2010 scheduled passengers of Treviso Airport

% chg % chg

Destination Carrier Pax 2010 '10/'09 Destination Carrier Pax 2010 '10/'09

ALGHERO Ryanair 36.012 -10,2% LVIV Wizzair 18.377ALICANTE Ryanair 34.099 MALAGA Ryanair 16.189AMSTERDAM Transavia 57.491 -9,8% MALTA Ryanair 40.723 -3,3%BARCELONA BCN 30.641 MARSEILLE Ryanair 5.475BARCELONA GRO Ryanair 85.840 -18,8% OSLO RYG Ryanair 22.671BARI Ryanair 93.470 PALERMO Ryanair 11.977BREMEN Ryanair 32.565 17,7% PARIS BVA Ryanair 104.287 -4,8%BRINDISI Ryanair 61.496 PESCARA Ryanair -100,0%BRISTOL Ryanair 31.233 PRAGUE Skyeurope -100,0%BRUXELLES CRL Ryanair 209.679 -6,6% PRAGUE Wizzair 27.777 295,1%BUCHAREST BBU Wizzair 86.602 59,7% REUS Ryanair 17.932BUCHAREST BBU/ARADBlue Air -100,0% ROME CIA Ryanair 34.511 -82,9%BUDAPEST Wizzair 27.978 -5,5% SEVILLA Ryanair 7.540CAGLIARI Ryanair 75.602 16,1% SHANNON Ryanair -100,0%CASABLANCA Air Arabia M. 37.898 545,6% SOFIA Wizzair 34.387 90,8%CLUJ Wizzair 31.432 119,3% STOCKHOLM NYO Ryanair 41.474 -13,3%COLOGNE Germanwings 62.287 509,9% TIMISOARA Wizzair 27.512 23,9%DUBLIN Ryanair 45.130 -13,0% TIRANA Belle Air 34.333 -5,3%DÜSSELDORF NRN Ryanair 56.053 11,6% TRAPANI Ryanair 56.835 36,3%EAST MIDLANDS Ryanair 24.967 VALENCIA Ryanair 5.042FRANKFURT HHN Ryanair 94.336 -13,3% VIENNA Skyeurope -100,0%IBIZA Ryanair 12.315 WARSAW Wizzair 13.604KATOWICE Wizzair 18.878 274,3% Others commercial aviation 42.414 7,3%KIEV Wizzair 63.298 953,2% General aviation 6.581 -5,5%LEEDS Ryanair 30.015LIVERPOOL Ryanair 31.743 -16,4%LONDON STN Ryanair 211.462 -18,4% Total passengers 2.152.163 21,0%

Source: Aertre/Save database

TSF airport - Scheduled destinations 12M10

CAGR

+12,6%

48

2011 Financial calendar

49

2011 Financial calendar

Jan Apr May Jun Jul Aug Sep Oct Nov DecMarFeb

15 March

Consolidated

financial

statements

21 April

Annual

Shareholders

Meeting

12 May

Q1

Results

29 Jul

Q2 and H1

Results

11 Nov

Q3

Results

50

The executive responsible for the drafting of the company’s accounting and corporate documents, Giovanni Curtolo, hereby declares pursuant to clause 2, art.154

bis, decree law 58/1998, that the accounting information in this release is in line with the Company’s accounting records and registers.

This document has been prepared by Aeroporto di Venezia Marco Polo S.p.a. - SAVE ("SAVE") solely for use at the presentation to potential institutional

investors it is not to be reproduced or circulated and is not to be used in the United States, Canada, Australia or Japan.

The information contained in this document has not been independently verified. No representation or warranty expressed or implied is made as to, and no

reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of SAVE or any of their

representatives shall have any liability whatsoever (in negligence or otherwise) for any loss arising from any use of this document or its contents or otherwise

arising in connection with this document.

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This document has not been approved for the purpose of section 21 of the Financial Services and Markets Act 2000. It is being made available only to persons

who are of a kind described in Article 19(5) of the Financial Services and Marketing Act 2000 Order 2001 or persons to whom such document may otherwise

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The statements contained in this document that are not historical facts are "forward-looking" statements (as such term is defined in the United States Private

Securities Litigation Reform Act of 1995), which can be identified by the use of forward-looking terminology such as "believes", "expects", "may", "will", "should" or

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These forward-looking statements, such as the statements regarding SAVE‘ s ability to develop and expand its business, the effects of regulation, changes in

overall economic conditions, capital spending and financial resources and other statements contained in this document regarding matters that are not historical

facts involve predictions. No assurance can be given that the anticipated results will be achieved. Actual events or results may differ materially as a result of risks

and uncertainties facing SAVE and its subsidiaries. Such risks and uncertainties include, but are not limited to, increased competition and regulatory, legislative

and judicial developments that could cause actual results to vary materially from future results indicated, expressed or implied in such forward-looking statements.

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